I have given some examples here today. What they imply in more concrete terms for the actual design of monetary policy is something that the Riksbank has to continue to ponder. But the new environment will not just set challenges for monetary policy, but for other policy areas as well. How we face up to these challenges will of course be a deciding factor in how bright the future will be in practice. I therefore assume that other policy areas in a similar fashion are considering which structural measures are necessary. As we know, discussions are ongoing, both in Sweden and abroad, on the need for more comprehensive changes to the way monetary policy is conducted, so that, among other things, it is better adapted to a “new normal” environment. It is an interesting discussion that we have every reason to revisit, not least once the Parliamentary Review Commission has made more progress in its work. For the time being, it is worth noting that the discussion in principle centres on 13 See, for instance, Blanchard, O. and Summers, L. (2017), Rethinking Stabilization Policy: Evolution or Revolution? NBER Working Paper Series, no. 24179. National Bureau of Economic Research. 12 [13]  modifications to the existing framework. The starting point is still that the best way for monetary policy to contribute to stable and good economic developments is to maintain price stability. This was true in 1668, and is still true in 2018. 13 [13]

Within its macroprudential mandate, the ECB will contribute to this end. Despite the potential for monetary policy to influence economic growth in the short term, strong, sustainable and balanced growth requires other policymakers to assume their responsibilities. From a global perspective, one of the key ingredients for raising potential growth and productivity is openness. Open trade, investment and sustainable financial flows play a key role in the crossborder diffusion of new technologies that drive forward efficiency improvements. Preserving openness is thus key to strengthening global growth potential. It should be underpinned by effective multilateral cooperation, including in the field of financial regulation and supervision. As regards the euro area, strengthening its long-term growth potential calls for decisive action to address the remaining structural issues. Reform implementation needs to be substantially stepped up, with further actions to improve the business and regulatory environment aimed at boosting investment and increasing productivity. Labour market rigidities need to be reduced further to enhance job creation and reduce unemployment, especially for young people. To foster reform implementation at country level, a full and consistent application of the EU’s policy framework is required, including the European Semester and the macroeconomic imbalance procedure. Likewise, full and consistent implementation of the Stability and Growth Pact remains crucial to ensure confidence in the EU’s fiscal framework and to safeguard public debt sustainability. In the current environment, a broadly neutral euro area fiscal stance strikes an appropriate balance between aggregate stabilisation and sustainability needs.