this is probably an explanation for the price increases being surprisingly low. some productivity improvements and indications of shrinking profit margins in the economy as a whole also indicate that deregulations and increasing competition play an important role. i furthermore consider that the stabilisation - focused macropolicy and measures such as the tax reform have moreover increased the potential growth in the swedish economy. the strong growth that the riksbank - assuming an unchanged repo rate - calculates with, is slightly too low in my view. at the same time, i have a somewhat less optimistic appraisal than the majority of the mode of functioning of the labour market and competition in a number of markets in sweden. however, my assessment is that the low inflationary expectations are making it take a longer time before overheating tendencies are expressed in increasing consumer prices. this leads me to make the assessment that prices will not start to rise until the end of the forecast period but that price increases will then be stronger than the majority believes. my assessment is therefore that inflation at the end of the forecast period, in my main scenario, will end up marginally over the forecast that was reported in the last inflation report, which the executive board majority did not find reason to revise. my assessments of developments during the next two years differ then only marginally from the majority view. i am more concerned about the price tendency and the risks i see in developments after the forecast horizon. the assessments of the use of resources and future production possibilities are uncertain. structural changes of the swedish as well as the international markets make it particularly difficult to draw conclusions about future growth prospects. there is a risk that we go to excess. high, increasing indebtedness calculated as a share of gdp for both households and companies make me concerned for financial imbalances that can be on their way to being created, although our knowledge of what can be assumed to be long - term sustainable development is small. in my view, there is a risk that we overestimate potential output in the coming years and that we therefore accept an excessively high level of demand in the economy. low inflation expectations and the effects of deregulations and increased competition can lead to the excessively strong demand not producing an effect on cpi until a late stage, but primarily in other parts of the economy. the economic consequences that can ensue from an incorrect assessment can be high. although the probability of a dramatic development is small, the high costs that can

nestor a espenilla, jr : in real time speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at instapay go live, manila, 23 april 2018. * * * on behalf of the bangko sentral ng pilipinas, i welcome everyone to this important event, another significant milestone in our shared goal of having a safer, more efficient, affordable and reliable payments system. today, the country launches another priority automated clearing house ( ach ) under the national retail payment system ( nrps ). we call it, “ instapay. ” like the pesonet launched in november of last year, instapay is innovative. it is likewise expected to create new markets and add new value. its launch and operation further improves the philippine retail payment system and moves us closer to creating a cash - lite economy. our vision, to create an inter - operable payment ecosystem, allowing seamless electronic fund transfers and payments from one account to another, is not only being articulated. it is becoming real now. in real time. instapay ’ s name fully represents what this newest ach achieves — real time account - toaccount payments or transfers of funds. instant payments. the interoperability of instapay allows users to enjoy seamless transactions between accounts maintained in any of the participating institutions both bank and non - bank. beneficiaries are assured of immediately receiving transaction amounts in full.... no deductions. consumers need not leave their homes or places of work to withdraw cash and make over - thecounter payments for bills. conveniently available on electronic delivery channels through mobile apps and internet banking facilities provided by participating banks and e - money issuers, on a 24 hour basis, 365 days a year, payments via instapay can be made anytime. payments can be made even after banking hours, on weekends or holidays. with instapay, electronic payments can also be made to the government for taxes, licenses, and other fees in real time. catering to low value payments, instapay safely and quickly moves funds. it produces efficiency in terms of cost and resources. reduced cash usage will allow banks and the government to minimize security, transport, overhead, and other incidental costs that come with cash handling. with instapay, we