Urban Bäckström: Perspective on the inflation target Speech by Mr Urban Bäckström, Governor of Sveriges Riksbank, to the Swedish Economics Association, Stockholm, 17 April 2002. In the work on this paper I have been greatly assisted by Claes Berg, Anders Borg, Jörgen Eklund, Staffan Viotti and Anders Vredin. I am also grateful for valuable comments from members of the Executive Board and other colleagues at the Riksbank. At the same time, I am solely responsible for any remaining errors and shortcomings, as well as for the opinions expressed here. The references for the speech can be found on the Sveriges Riksbank’s website. *  *  *  First I want to express my thanks for the invitation to attend your Association and discuss various aspects of the Riksbank’s assignment. I truly look forward, in keeping with recent years, to a dialogue on economic policy issues both with my two opponents and with other scholars and students in this Association. The theme for today’s discussion, “Perspective on the Inflation Target”, has led me to take the past year’s increase in the rate of inflation as my starting point. To many forecasters, including those of us at the Riksbank, the increase has come as a surprise. This may raise questions about the intellectual framework, which rests on forecasts, for monetary policy’s formation.
We will also provide a detailed picture of access to digital banking services in Spain and recent developments in this area. Lastly, we will conduct a review of the action taken to combat financial exclusion nationally and internationally, which may prove a good platform for future actions in our country. To conclude, I would simply like to thank again the Deputy Prime Minister and the Ministry for their efforts to address this problem. And the banking associations for their agile and swift response in drafting and signing this protocol. And, of course, I would like to thank the individuals who have made us more aware of the problem and whose actions have prompted this rapid response. I believe that we should all aim to ensure that Spain continues to take the lead on financial inclusion in the digital era, as it has always done. And I would like to add that the Banco de España is firmly committed to this goal and that we will do everything within our power to attain it. Thank you very much. 2/2  BIS central bankers' speeches