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This is partly due to globalisation, not least financial globalisation. It affects the scope of countries and thereby of central banks to conduct their own economic policy based on national prerequisites. Sweden is a small, open economy with a large financial sector. The room for manoeuvre in economic policy regarding both monetary policy and financial stability is, in my opinion, much less than it was for, say, 15–20 years ago. According to the textbooks, with a floating exchange rate, we should be able to conduct an independent monetary policy. And we can, but to what extent? Today’s low inflation is, for example, very much a global phenomenon. Stability in the financial system is also affected by financial globalisation. As a consequence of the ever-stronger links between different countries’ financial systems, regulatory frameworks are also increasingly often formulated outside national borders. The strengthening of global financial regulatory frameworks is, of course, also a result of the financial crisis which broke out in 2008 – and the after-effects of which the global economy is still struggling with. I would, however, like to stress that in Sweden we coped relatively well with the financial crisis and its aftermath. We had robust frameworks and the power to act, as regards both fiscal policy and monetary policy. We also had enough flexibility to be able to cope with the Swedish banking system’s need for liquidity and assist other countries in our vicinity in order to help stabilise the financial system. Economic development in Sweden has been favourable in many ways.