Real one-year interest rate in Sweden, the euro area, the United Kingdom and the United States Per cent 8  8  6  6  4  4  2  2  0  0  -2  -2  United States Euro area  -4  -4  Sweden United Kingdom  -6  -6 94  96  98  00  02  04  06  08  10  12  Sources: The IMF, the OECD and the Riksbank  Figure 2. Inflation in Sweden, the euro area, the United Kingdom and the United States Per cent 6  6  United States Sweden (CPI)  5  5  Sweden (CPIX/CPIF) United Kingdom  4  4  Euro area  3  3  2  2  1  1  0  0  -1  -1  -2  -2  -3  -3 94  96  98  00  02  04  06  08  10  12  Note. CPIX/CPIF for Sweden shows the CPIX to the end of March 2008 and thereafter the CPIF. For the United Kingdom, the RPIX is shown to the end of 2003 and thereafter the CPI. The HICP is shown for the euro area. The PCE deflator is shown for the United States. Sources: The Bureau of Labor Statistics, Eurostat, the Office for National Statistics, Statistics Sweden and the Riksbank. 12  BIS central bankers’ speeches  Figure 3.
Richard Dzina: Four questions on the state of cyber resilience and endpoint security Remarks by Mr Richard Dzina, Executive Vice President of the Financial Services Group of the Federal Reserve Bank of New York, at the Clearing House and Bank Policy Institute's 2018 Annual Conference, New York City, 26 November 2018. * * * As prepared for delivery I want to thank The Clearing House for this generous invitation and, especially, for assembling such a compelling and topical program. The relationship between The Clearing House and the Federal Reserve is multi-faceted: across one plane competitor, as CHIPS and the Fedwire Funds Service, and EPN and FedACH, vie for volume across common service lines; across another plane collaborator, as peer infrastructures seeking to maximize the value and minimize the disruption to customers in response to common industry initiatives, with our coordinated plans for adoption of ISO 20022 standard message formats representing a cardinal example; and across a final plane as overseer and overseen. When it comes to the resiliency and security of our infrastructures, however, there is no ambiguity in role or relationship: we rise, or fall, as one. Standing before an audience like this never fails to elicit a visceral sense of accountability. When the subject is the resiliency and security of the foundational elements of our nation’s financial system, on which market function and economic vitality ultimately depend, that sense of accountability resonates even more keenly.