6 / 7 bis central bankers'speeches as well. ” ). 11 see supra n. 4. 12 see dan awrey, william blair, and david kershaw, “ between law and markets : is there a role for culture and ethics in financial regulation? ” 38 del. j. corp. l. 191, 208 ( 2013 ) ( “ proximity is a measure of the physical, psychological, social, or cultural distance between a decision - maker and those whom their decisions affect. ” ). 13 tim besley and peter hennessy, letter to queen elizabeth ii ( july 22, 2009 ), ( “ so in summary, your majesty, the failure to foresee the timing, extent and severity of the crisis and to head it off, while it had many causes, was principally a failure of the collective imagination of many bright people, both in this country and internationally, to understand the risks to the system as a whole. ” ). 14 banking standards board, annual review 2017 / 2018. 15 see dudley, supra n. 6 ; michael held, reforming culture and conduct in the financial services industry : how can lawyers help? remarks at yale law school ’ s chirelstein colloquium ( mar. 8, 2017 ). 16 see preet bharara, criminal accountability and culture, remarks at the federal reserve bank of new york ’ s conference : reforming culture and behavior in the financial services industry : expanding the dialogue ( oct. 20, 2016 ), ( “ here would be less corporate crime and less painful consequences arising from the crime that does occur if more people said something early on rather than remain silent or look the other way. ” ). 17 see association of the bar of the city of new york, report of the task force on the lawyer ’ s role in corporate governance 95 ( nov. 2006 ), ( “ not to waver or equivocate is no easy challenge for lawyers in some circumstances because of the economic and professional pressures already noted, and because the answers to legal issues are seldom completely free of doubt. it may take genuine professional courage to provide unwelcome advice and stick to it. ” ). 18 see ben heineman, the inside counsel revolution 7 ( 2016 ). 7 / 7 bis central bankers'speeches

development in the consumer price index will not agree for a period of time with the actual development in the cost of living. it is difficult to make predictions what do we actually know about the future? what can we use to say something about what will happen? one thing we can use, is to look at how things have been before. the empirical national economist ’ s traditional method is to gather data, to structure data and to seek correlations between different economic variables. data is gathered from history, the correlations found are historical ones. for me, traditional forecasting is all about using history in various ways to tell us something about the future. but of course it is not always the case that things behave in the same way as before. sometimes developments take a new path, a path that we had not imagined. spring 2020 was a good example of this. when the crisis came, history was not much help to us. apart from being unexpected, each crisis is unique. the april monetary policy report therefore did not present any forecast. instead, it presented two scenarios showing two possible developments over the coming period. i consider that this was as far as we could go when we could not use history to help us. to me, it has been natural that monetary policy in recent months has been very much in the here and now. the problems arising required immediate measures. the measures taken have made monetary policy more expansionary. and we cannot rule out the possibility of setbacks. when we can once again interpret inflation statistics and when we can once again use history to say something about the future, monetary policy can also become more forward - looking than it has been in recent months. 5 references diewert, w. e and fox, k. j. ( 2020 ), “ measuring real consumption and cpi bias under lockdown conditions ”, nber working paper series, no. 27144. statistics sweden ( 2020 ), press release ( 2020 ), ” svarare berakna inflation under coronapandemin ”, ( more difficult to calculate inflation during the corona pandemic ) www, scb, se statistics sweden ( 2020 ), report to consumer price index board, ” hantering av effekter av corona - pandemin i kpi och hikp ”, ( managing the effects of the corona pandemic on the cpi and hicp ) www, scb, se appendix table 1. products affected by lack of consumption weight in cpi ( per cent