well. it is, moreover, easy to create the impression that the state by its control takes a special responsibility for the collateral in the bonds, which is not the intention. perhaps one should also ask whether a gilt edge to the bonds would really give the effects hoped for. the large liquid securities with the best creditworthiness ( aaa - rated ) in the european mortgage market ( offentliche pfandbriefen ) have in the first place collateral in loans to local governments or federal states and not in the market that the swedish housing companies can use. they would rather issue “ hypotheken pfandbriefe ” with collateral in office premises and housing and both interest and liquidity are less favourable in the market. it does not seem either as if any uniform market for mortgages is in process of being established, but the regulatory framework differs considerably from country to country. investors will hardly avoid making separate appraisals for each of these markets. moreover, it seems, not wholly unexpectedly, as if emu would affect developments in the direction from relatively rule - governed national markets such as the danish and german to internationally open markets, where new instruments can be developed in a flexible way as the need arises. in the light of this, one cannot avoid wondering whether it is wise and really in the market ’ s interest to lock certain instruments into a separate legislation, which can be difficult to change once in place. if emu really leads to the european market for borrowed capital being improved, which we all believe and hope, developments may move in a completely different direction. we shall have to see what the future holds in store. securitisation the existing swedish form for housing finance is, as pointed out, not necessarily a bad financing form in a developed european market with a uniform currency. on the contrary. the swedish housing loan institutions are known and respected in the market, have large outstanding volumes that provide a basis for good liquidity and a transparent price formation and can moreover benefit from a rating that is improving as sweden ’ s does. the great challenge from emu is rather on a different level. when competition gradually increases, not only on the corporate side but also in the market for apartment blocks, tenant - owned apartments and houses, this will probably eventually reduce profit margins. the return on equity will then also fall. an issue that naturally arises is whether it is possible to find housing forms that make more economical use of equity provided by the owners. in my

do to raise canada's productivity and make our economy more resilient. ingredients of productivity, and canada's record economists will tell you that three factors determine how productive an economy's workforce is : capital intensity, labour composition and multifactor productivity. these are the types of words that often lead non - economists to tune out. but they're important, and once you get past the jargon, they're not that complicated. so, let's look at each one. capital intensity is about equipping workers with better tools. if you run a snow - clearing business, your workers will be able to clear more driveways if they have solid shovels that don't break easily. of course, give them a snow blower and they'll be able to clear many more driveways than with just shovels. invest in pickup trucks with plows, and they can do even more. the most natural way to think about capital intensity is in physical terms like machinery, but of course some of the biggest advances in productivity have come through improvements in computing power and the ability to use and move information. the smartphone in your pocket has way more computing power than the spaceship that first 2 / 6 bis - central bankers'speeches took humans to the moon. these advances continue to put more capability in the hands of employees, giving them the ability to be more productive across a wide range of industries, whether goods or services. labour composition in an economy measures the skill level of people in the labour force and how much training they receive. the more skills people have and the more training they receive, the more value they can generate on the job. finally, there's multifactor productivity, which measures how efficiently capital and labour are being used. this can refer to intangibles such as how much competition a company faces, economies of scale, management practices and many others. it can also refer to how well companies are taking advantage of technologies such as machine learning and generative artificial intelligence. those are the ingredients of productivity. now, when people measure productivity in an economy, they are looking either at its level - how much value an economy is producing for every hour worked - or at the growth rate of that productivity. canada has been struggling on both measures for a while. back in 1984, the canadian economy was producing 88 % of the value generated by the us economy per hour. that's not great. but by 2022, canadian productivity had