, which are growing quickly in swedish exports. exports of telecommunications products have more than doubled since 1995 and pharmaceuticals have risen by 80 %. the economy is undergoing a restructuring towards these areas which releases us to some extent from the cyclical dependence on pulp, paper, steel and engineering products which are our traditional export goods. however, most important perhaps are not developments in these industries per se. although they are growing rapidly, they are still of rather small size. the computing consultancy industry has doubled during the 1990s but still only accounts for 80, 000 employees, or around 2 % of employment. the sector “ radio, tv and telecommunications products ” is approximately the same size. industry as a whole has recovered from under 18 % of gdp in 1993 to 22 % in 1998. no, the really important effects of the new technology will probably take place outside the hi - tech and knowledge - intensive industries. personal computers, mobile telephones, the internet, and other it can increase productivity within broad segments of the swedish economy. this can affect trade, office work, distribution and storage, manufacturing production, etc. however, it is important to realise that the introduction of new technology only takes place during a limited period and that it is probably only during these years that a higher growth in productivity is achieved. when the changes to the new are carried out, it is probable that productivity will develop more slowly again. this can be compared with the introduction of electricity and the spread of electrical motors in industry, or the spread of the internal combustion motor. i would thus like to warn against viewing the future through rose - tinted spectacles. it is true that productivity growth has been higher after 1994 than in the preceding 20 - year period. an increase from 1. 4 % to 1. 9 % has been registered. however, the first period included three long downturns and the second a broad upswing. we cannot therefore know whether it is only cyclical differences that underlie the figures or whether technological changes have also contributed to sustainable stronger productivity growth. to sum up, i would like to point out that we now have a better relationship between growth and inflation due to inflationary expectations being pushed down. it is possible that technical developments have also produced productivity improvements that mean that growth for a period can increase more quickly than previously without inflationary pressure being created. one factor that i have not touched on to date is the effects of increased competition through internationalisation and domestic deregulation. this process too can have contributed to a

, which represents the framework of rules and procedures preventing countries from accumulating excessive public debts and deficits. in addition, the european commission proposes the establishment of a broader macroeconomic framework for the monitoring of economic policies, which – if not sufficiently sound – can give rise to imbalances such as a loss of competitiveness, current account imbalances and excessive private indebtedness. in addition to these eu - wide proposals at the legislative level, a separate pact ( the “ euro plus pact ” ) has been drawn up by the euro area countries and several other eu member states in order to further strengthen the economic foundations of emu. the ecb is of the opinion that, in both areas, the current reform efforts are not sufficiently extensive. while the proposals tabled by the european commission go some way towards improving macroeconomic and fiscal surveillance in the euro area, they fall short of the quantum leap forward that is needed in order to guarantee the smooth functioning of emu. the legislative acts implementing the reform of economic governance are now being discussed in the context of the “ trialogue ” discussions taking place between the european parliament, the european commission and the hungarian presidency of the eu council. the purpose of these discussions is to produce a common set of proposals that accommodates the amendments requested by the various authorities involved in the legislative process. the ecb has called on these authorities to produce a strong and clear set of rules, including automaticity in the triggering of procedures and sanctions, in line with the ten key elements for the reform of economic governance published on its website. 1 iii. ( e ) strengthening the financial sector the financial crisis has also revealed a number of deficiencies and vulnerabilities in the regulatory and supervisory frameworks in our economies. the massive economic and financial impact of the crisis has clearly indicated that addressing such deficiencies through far - reaching reforms is essential in order to prevent similar crises in the future. there is a relatively broad consensus as regards the nature of the reforms required. indeed, following the deterioration of the crisis in the wake of the collapse of lehman brothers, the see key elements of the ecb opinion on economic ( http : / / www. ecb. int / ecb / legal / pdf / key _ elements _ opinion _ con _ 2011 _ 13. pdf ). bis central bankers ’ speeches governance reform g20 rapidly identified some of the key areas for reforms and entrusted the task of drawing up concrete proposals to the basel committee on banking supervision