On the other hand, it is probable that monetary policy can indirectly, by contributing to a more stable economic development, create better conditions for good growth in the long term. Reliable assessments of the potential growth capacity of the Swedish economy are very important for successful conducting monetary policy. Given this, it is perhaps not so surprising that we have spent a significant amount of our time in recent years making analyses of issues related to economic growth. This is demonstrated in our working report series, which contains a relatively large number of studies on this subject. A complicating factor with regard to studies of potential growth is that they entail a quantity that cannot be directly observed and measured, but has to be estimated indirectly with the aid of another method. There are a number of statistical methods for this, each of which has both advantages and disadvantages. The estimated results have proved to be relatively sensitive to the method applied. This in turn means that there is good reason not to fasten on one individual method, but to use several methods and thereby increase the reliability of the estimates. At the Riksbank we apply three different methods for calculating the production gap and we regularly show and discuss the results of these in our Inflation Reports (Figure 2).
By contrast, the risk premia for bonds of particularly burdened euro economies – namely those of Greece, Ireland and Portugal – continued to rise. Overall, the risk premia of certain European sovereign borrowers remain very high, and latent threats of contagion continue to exist. In the global equity and commodity markets, the mood during recent quarters was cautiously positive. In the equity markets, the gratifying corporate results had a strongly supportive effect. In the US, for example, around two-thirds of the most important corporations reported better results than were expected by the market. In the commodity markets, healthy economic conditions – especially in the emerging countries – assisted a continuation of the  BIS central bankers’ speeches  1  upward movement, although here, too, price volatility remained high. However, there were also factors weighing on the markets, like the political unrest in North Africa and the Middle East, the catastrophe in Japan and, finally, the indications of a global economic slowdown in the markets. To summarise, the situation in the international financial markets presents a mixed picture, despite the fact that economic developments are relatively favourable. This reflects the fact that the burden inherited from the economic and financial crisis continues to be very significant. Implementation of monetary policy The financial crisis was characterised not least by turbulence on the money market. While uncertainties in the international financial markets persist, the situation in the Swiss franc money market eased last year, and has been very relaxed since the beginning of 2011.