So who should be responsible for the macroprudential-policy tools? In Sweden, as in many other countries, there has long been a lack of a clear mandate and a clear division of labour and responsibility for this type of supervision. Initiatives have therefore been taken in several parts of the world recently to fundamentally reorganise financial supervision. In the United Kingdom, for example, the main responsibility for macroprudential policy has been given to the Bank of England. In Sweden, both Finansinspektionen and the Riksbank have tasks relating to the stability of the financial system. Both authorities also have a role to play in the prevention of financial crises. Finansinspektionen has the task of exercising supervision over financial companies, in particular those that are of the greatest significance to the stability of the system, and of working for orderly financial markets by supervising securities trading on stock exchanges and other marketplaces. The Riksbank has the task of promoting a safe and efficient payment system, which in practice means that the Riksbank has a broad responsibility for financial stability. The Riksbank oversees the development of the financial system as a whole, with a focus on institutions, markets and infrastructure of importance to financial stability, and presents its views on risks in, and the efficiency of, the financial system. 6  BIS central bankers’ speeches  Finansinspektionen and the Riksbank thus have partly overlapping tasks, but have different ways and means of performing these tasks and base their analyses and assessments on slightly different perspectives.

Amid an increasingly competitive world, constantly reshaped by deep-seated changes which alter the classical paradigms, investing in research and innovation is no longer a luxury, but a necessity. It is the path towards  3  achieving the rapid and sustainable growth Africa needs to meet the aspirations of its population, especially the youth. It is also the only alternative to prevent the divide with the advanced countries from widening further. In areas such as economy and finance, there is a huge need for cutting-edge research that takes into account the specificities of Africa. No one can deny the laudable initiatives and projects focusing on Africa, such as the one carried out between 2007 and 2014 by the U.S National Bureau of Economic Research (NBER), nor the establishment, within prestigious universities, of centers dedicated to Africa. However, the continent should enhance its own skills and develop its national capacities. Central banks are particularly aware of this challenge. Monetary policy decision-making requires a thorough understanding of the economy and its performance drivers. To this end, we need to build up models which draw on the most recent advances in economics, while taking into account our realities, oftentimes different from those of advanced countries. As such, we are facing two major challenges. The first one is related to the lack of knowledge as to the mechanisms underlying the functioning of our economies, on which we can capitalize. We therefore called upon to develop our own formalization of the economy from scratch.