The Riksdag was being asked to authorise the Government in principle unconditional drawing rights from the state budget to consolidate the banking sector. If this measure did not succeed in calming interest rates, we would ultimately need to make use of a loan programme from the IMF. Finally, the situation in Sweden became untenable, and the fixed exchange rate had to be abandoned on 19 November 1992. The nominal anchor had completely collapsed. However, inspired by New Zealand, Canada and the United Kingdom, the Riksbank considered adopting an inflation target as a new anchor. 3 No sooner said than done: As of 1993, we have a floating exchange rate and an inflation target of 2 per cent, which still applies today. 4 The results of academic research indicated that the conditions for attaining low inflation increased if one delegated monetary policy to an independent central bank. This reduced the so-called time inconsistency problem in monetary policy, where the long-term objective of low inflation is not compatible with the shortterm motives for high inflation. 5 Empirical studies showed that countries with more independent central banks had lower inflation, without a deterioration in the real economy. 6 I think that an independent central bank is not merely useful in addressing overly high inflation. Independence is also important to avoid inflation being too low, as it facilitates a more long-term focus in decision-making. 7But I will return to this shortly. In the new act of 1999, the Riksbank was given greater independence from the political system.

To support the transition to a more sustainable economy, there is a basic requirement for official statistics to be made available to meet the growing demand for underlying data and indicators to assess the social and economic impact of climate change and monitor the financial vulnerabilities stemming from physical and transitional risks. The close links between the financial and non-financial dimensions in this field make a collaborative approach particularly important. Finally, taking a longer time horizon into consideration, the ongoing review and update of the international statistical manuals (in particular the Balance of Payments Manual and the System of National Accounts) offers an opportunity to rethink the key concepts of macroeconomic statistics. One avenue is the consolidated framework, in which all entities belonging to a corporate group are assigned to the country of the headquarters. Such an approach has the potential to provide a useful alternative perspective, particularly on MNEs and in the identification of ultimate financial exposures. At the same time, such a consolidated accounting framework should complement rather than replace the residence-based framework, as both approaches offer specific advantages depending on the purpose at hand. Conclusions In conclusion, globalisation and the pandemic have both brought to the fore major measurement challenges for macroeconomic statistics. On the real side, globalisation-related measurement issues are affecting the analytical value of the statistics on balance of payments and national accounts. On the financial side, the key issues relate to the changing nature of FDI and to the proper measurement of financial exposures and risks.