as i have already mentioned. but such reforms can only be introduced gradually and it will therefore take time before they can have any significant effect on household indebtedness. next monetary policy decision presented on 3 september to summarise, i consider it is of the utmost importance that the mandate for macroprudential policy is clarified and that the application of the different tools does not come to a standstill. there is currently widespread awareness that a long - term sustainable solution requires a holistic approach that involves several policy areas. nevertheless, there is a risk that more comprehensive measures and reforms are perceived as so unwieldy and difficult to manage that politicians would rather wait and hope for the best. one possible way forward to ensure something happens and to increase our knowledge in this field would therefore be a strategy that combines different possible measures on a smaller scale. 3 even a journey of a thousand miles begins with just one step, and it is important to take this step. with regard to the statistics received over the summer, both in sweden and abroad, they agree fairly well with the assessments we made in july. economic developments in sweden still look good and the expansionary monetary policy is supporting the upward trend in inflation. and if it were necessary, there is a high level of preparedness to make monetary policy even more expansionary. we are now working on producing an overall assessment of the situation in the swedish economy, and in connection with the publication of the monetary policy decision on 3 september, we will present new forecasts. see per - anders bergendahl, monika hjeds lofmark and hans lind ( 2015 ), “ bostadsmarknaden och den ekonomiska utvecklingen ” ( the housing market and economic development ), sou 2015 : 48, appendix 3 to langtidsutredningen ( long - term survey of the swedish economy ), which proposes this strategy with regard to reforming the housing market. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

registered vacancies at the swedish employment service are at a high level. employment plans in the national institute of economic research ’ s business tendency survey rose somewhat in july, after having fallen earlier in the year, and indicate rising employment in the business sector. bis central bankers ’ speeches the national institute of economic research ’ s economic tendency surveys, which summarise companies ’ and households ’ views of the swedish economy, rose in july, see figure 11. this is the third month in a row that the indicator exceeds the historical average and thus points to a somewhat stronger growth than normal in the swedish economy. households ’ confidence in the economy as a whole slowed down further in july, although the view of their own economy is still more positive than normal. inflation expectations according to money market participants in prospera ’ s survey 1, 2, and 5 years ahead have remained broadly unchanged during the summer. long - run inflation expectations 5 years ahead remain at around 1. 8 per cent. cpif inflation was measured at 0. 6 per cent in june and at 0. 9 per cent in july, see figure 12. the outcome in june was lower than our forecast. it is difficult to point to any individual component that contributed to the forecasting error – goods prices services prices and food prices all increased somewhat slower than expected. the outcome in july, on the other hand, was higher than our forecast. it was in particular the volatile air travel and package holidays that were higher than anticipated, although food and clothing prices were higher than expected. all in all, the outcomes over the summer have been in line with our forecasts. low interest rates entail risks increasing debt levels and rising housing prices the low interest rates contribute to household debt as a percentage of disposable income continuing to increase and to housing prices continuing to rise. this creates risks that can threaten future economic developments. if there were to be an economic slowdown for any reason, this could be significantly strengthened when indebted households are forced to cut back on consumption and other expenditure, particularly if housing prices were also to fall in connection with this. it is therefore important that household debts do not continue to increase. their debts have increased more than their disposable incomes since the middle of the 1990s and the debt ratio is now at just over 170 per cent, which is a record - high level, see figure 13. as can be seen in figure 14, housing prices, and especially prices of tenant - owned apartments,