increases, in roughly the same way as in the uk and australia. if i may take the liberty of making my own, perhaps slightly partial and favourable, interpretation of this argument you could say that it is fairly well in line with what, as i maintained earlier, appears to be the prevalent view of asset prices ’ principal role in a flexible inflation - targeting regime – that developments in asset prices in some situations might make it necessary for the central bank to try to take account of what can happen beyond the normal forecast horizon. so in this situation, in my opinion, an earlier initiation of a shift in policy would help to reduce the risk of a negative self - reinforcing spiral in the cyclical slowdown that sooner or later will come. thus, seen in a longer - term perspective, such a measure could foster stability in the real economy and inflation. i want to underline that i of course do not mean by this that my colleagues in the executive board have not taken these kinds of considerations into account, but only that we have made somewhat different assessments of what the risks are and what currently may be the appropriate action. so it is a question – as i noted initially – of subtle differences in our opinions rather than a case of completely different ideas about how the economy will develop and what fundamentally needs to be done. when the executive board convenes in january, however, we shall have two new members, and it remains to be seen what their views are on this matter. thank you!

that many jobs never get created. the services sector is also affected by this, and many low - productive work duties are not performed since nobody is willing to pay what they cost, with our high minimum wages. table 1. nominal and real wage growth, 1995 - 2004 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 business sector blue - collar workers 4. 7 5. 4 4. 7 3. 4 2. 6 3. 3 3. 8 3. 6 3. 1 2. 6 white - collar workers 3. 5 6. 4 4. 2 4. 7 3. 7 4. 1 4. 5 4. 1 3. 3 3. 2 blue - collar and white - collar workers 3. 3 6. 0 4. 5 3. 7 3. 4 3. 7 4. 4 4. 1 3. 5 3. 3 cpi 2. 5 0. 5 0. 7 - 0. 3 0. 5 0. 9 2. 4 2. 2 1. 9 0. 4 blue - collar workers 2. 2 4. 9 4. 1 3. 7 2. 1 2. 4 1. 4 1. 4 1. 2 2. 3 white - collar workers 1. 0 5. 8 3. 5 5. 0 3. 3 3. 2 2. 0 1. 9 1. 4 2. 8 0. 9 5. 4 3. 9 4. 0 2. 9 2. 8 1. 9 1. 9 1. 5 2. 9 whole economy real wage growth business sector whole economy blue - collar and white - collar workers sources : national mediation office, statistics sweden and sveriges riksbank. structural unemployment developments in the labour market have been weak despite several years ’ firm economic growth, historically low interest rates and strong public finances. so far, the growing economy has not managed to create enough jobs. moreover, our current account surplus essentially means that we are exporting capital on a large scale ; in somewhat more extreme terms, you could say that the jobs being created by our growth are largely ending up outside sweden's borders. so the low employment growth does not appear primarily to be a result of weak demand. instead, the explanation must be sought among longer - term structural factors. this is reflected in particular by the fact that the employment rate, in spite of historically high economic growth, has not completely recovered since its sharp fall in connection with the crisis in the early 1990s. moreover, the fact that open unemployment did