Such risks can constitute a threat to both the stability of the macro economy and inflation. To me, saying that the Riksbank has no mandate to take these risks into account therefore appears rather odd. As the Governor of the Bank of England, Mervyn King, has put it: “Monetary policy cannot just ‘mop up’ after a crisis. Risks must be dealt with beforehand. I do not see this as inconsistent with inflation targeting because it is the stability of inflation over long periods, not year to year changes, which is crucial to economic success.”10 Similar thoughts are expressed in the IMF's Article IV consultation for Sweden: ”[I]f mortgage credit growth increases unsustainably, the Riksbank might have to raise the interest rate path relative to that warranted by short-run macroeconomic considerations alone.”11 Is it meaningful to consider risks linked to household debt in monetary policy? If one is thinking about giving consideration to risks linked to household debt when formulating monetary policy, it is reasonable to first take a stance on a number of specific questions.12 Does the repo rate have an effect on the variables one wishes to influence, housing prices and lending? How large are the risks linked to household debt? And finally, are there other tools at hand that are better-suited to managing these risks? The answers to these questions are important for determining whether it is justified taking the risks linked to household debt into account in monetary policy.
DCS listings will broaden the range of investment options for investors and add vibrancy to Singapore’s capital markets and capital markets globally. 29 Đ Đ With the recognition that public markets play an important and key role in our entrepreneurial ecosystem by providing public financing for growing companies, MAS will continue to support growth in public equity markets. • MAS has committed $ million over three years to help companies list and raise equity capital on SGX and support initiatives that broaden and deepen our research ecosystem. This will help to mitigate the growing and global phenomena of shrinking research coverage and build up our capabilities in covering public markets. Conclusion 30 Đ Đ In conclusion, as we move into a changing world with a less certain global order, rapidly advancing technology, and increasing threats and opportunities, it will be even more important for exchanges and clearing houses to keep pace with global trends and be ready to adapt. This will ensure that you are wellplaced to navigate challenges and remain relevant to the evolving needs of our financial markets. 31 Đ Đ The WFE, in continuing to advance a collective voice for the improvement of our public markets, will be an important contributor to global discussions with regulators on how our public markets are shaped for the future. The WFE’s ongoing eworts in advancing the sustainability agenda for exchanges and clearing houses, is testament to the leadership and contributions it has presented since its founding in 1961.