SPEECH DATE:  13/11/2019  SPEAKER:  Deputy Governor Martin Flodén  VENUE:  Örebro University and Kommuninvest, Örebro  SVERIGES RIKSBANK SE-103 37 Stockholm (Brunkebergstorg 11) Tel +46 8 787 00 00 Fax +46 8 21 05 31 registratorn@riksbank.se www.riksbank.se  Monetary policy in a changing world* Over the past year it has become increasingly clear that economic growth is slowing down, both in Sweden and abroad. It is not surprising that growth is slightly lower than during the strong years 2014-2018. But there have recently been increasing signs that the slowdown will be larger and occur faster than we at the Riksbank have been expecting. To determine how monetary policy should react to this, we need to understand why growth is falling. Is it due to weaker cyclical economic activity, or to deeper, structural changes in the economy? Today I intend to first briefly discuss some structural changes that may have had significance for economic developments in recent years. These are changes that may have entailed lower underlying interest rates and growth and lower inflationary pressures, and which may affect the conditions for the Riksbank's work going forward. After that, I will say a few words about the possibilities open to monetary policy if economic developments become weaker than we have forecast. In conclusion, I would like to say a few words about climate change, one of the structural changes that affects the way the economy functions.
With greater financial literacy and awareness, consumers will be protected from being exploited by predatory  2  BIS Review 4/2010  lending and investment scams, and will be able to make better informed financial decisions. To protect the rights of consumers, a Consumer Protection Framework has been developed to enhance the disclosure standards of financial products and services, the various dispute resolution mechanisms and to institute fair practice amongst the financial service providers. The Central Bank has also established a one-stop service centre for the public, providing advisory services on financial matters. Finally, a Credit Counselling and Debt Management Agency has been established to provide counselling related to credit and debt management for individuals as well as to inculcate responsible money management habits. Fifth, the supporting financial infrastructure to facilitate the operations of financial institutions is an important feature of the financial system. A hurdle to access to financing is the lack of credit history. In this regard, credit bureaus have been established to enhance access to financing by encouraging borrowers to build such credit records. In Malaysia, the Central Credit Reference Information System or CCRIS, has provided credit information via an on-line system since 2001. More recently in July 2008, the SME Credit Bureau commenced operations to assist SMEs to build track records thereby providing a balanced profile of the credit standing of SMEs thus, enhancing access to financing on more favourable terms. Sixth, sufficient well trained finance professionals is vital to the performance of the financial sector.