an unexpectedly sharp rise in energy prices. bis central bankers ’ speeches during the summer, new financial market statistics were also published for the month of june. the annual growth rate for lending to households was 4. 7 per cent in june, that is, the same as in may. this means that the rate of increase in lending has remained more or less unchanged since last summer. next monetary policy decision on 4 september a number of mixed signals have been received during the summer. while the volatility on the financial markets has declined, there is still some uncertainty over the strength of the recovery in the real economy. there have been signs of a gradual improvement, for instance, in the euro area and the united states, but on the other hand the gdp outcome in sweden, for instance, signalled that the recovery is fragile. at our monetary policy meeting on 4 september we will have to balance these factors against one another, and also take in the information received in the meantime. until macroprudential policy has been established, we will continue to conduct a flexible monetary policy that enables us to take into account a number of different factors, such as household debt. at the riksbank we are busy working on new analyses and forecasts on which to base the next repo - rate decision. we will return with a new overall assessment in connection with the monetary policy meeting in september. bis central bankers ’ speeches

by the new york fed, will play important roles both within their own region and in their global engagement via the gfxc. one of the key objectives of the gfxc is to keep abreast of the evolution of the market, and work to ensure that the code ’ s principles remain relevant. one area of evolution is electronic trading. before concluding, i want to spend some time discussing the gfxc ’ s request for feedback on 4 / 6 bis central bankers'speeches particular aspects related to the use of last look in electronic fx trading. as you might suspect, principle 17 on last look likely consumed the most time and energy of any of the principles in the code. in many areas within the last look principle there was broad consensus as to what constitutes good practice. what was clear from this process was that market participants seemed to define last look in different ways and apply it in different ways as well. last look is described in the code as a practice in which a market participant receives a trade request and has the opportunity to accept or reject that trade request against its quoted price. the code notes that if utilized, last look should be used as a risk mechanism to verify validity and / or price. the principle focuses on the importance of transparency and fairness. market participants should be clear about whether and, if so, how last look might apply to their client trade requests to allow clients to make an informed choice regarding their execution. in one particular area — that of trading during the last look “ window ” — there was a definite diversity of views. on the one hand, some market participants argued that such trading activity would always be detrimental to the client as it could move the market in a direction that is not to the client ’ s advantage. on the other hand, some market participants felt that such trading activity could increase their ability and willingness to conduct client trades presented by clients without necessarily placing the clients at a disadvantage. some expressed the view that they prefer only to use dealers that don ’ t trade during the last look window, while others preferred having different options. given this range of input, the principle highlights that last look should not be used for the purposes of information gathering without an intention to accept the trade request. further, it notes the risk associated with trading activity during the last look window. the principle provides that “ trading activity that utilizes the information from a client ’ s trade request, included any related hedging activity, is likely inconsistent with good market practice because