interest rates and low inflation. in my opinion, to achieve a better situation for coming generations, we need to create a new, lower adjusted equilibrium on the housing market. this would also contribute towards reducing the differences between insiders and outsiders – the haves and the have - nots. furthermore, household indebtedness would gradually decrease and would no longer create economic risks in the same way. i am aware that these measures would affect my generation ’ s housing assets today. but my opinion is that they need to be implemented so that the housing market in sweden can function well tomorrow. 11 references alter, a, feng, a and n valckx ( 2018 ), “ understanding the macro - financial effects of household debt : a global perspective ”, imf working papers no 18 / 76. backman, c and c lutz ( 2018 ), ” the impact of interest - only loans on affordability ”, regional science and urban economics. cunliffe, j ( 2019 ), “ housing tools revisited ”, bank of england. dermani, e, linde, j, and k walentin ( 2016 ), ” is a bubble forming in swedish housing pices? ”, economic review 2016 : 2. sveriges riksbank. emanuelsson, r ( 2015 ), ” supply of housing in sweden ”. economic review 2015 : 2. sveriges riksbank. emanuelsson, r, katinic, g and e spector ( 2018 ), ” developments in the housing market and their contribution to household debt ”, economic commentary no. 14. sveriges riksbank. emanuelsson, r, melander, o and j molin ( 2015 ), “ financial risks in the household sector ”, economic commentary no. 6. sveriges riksbank. european commission ( 2019 ), country report sweden. european systemic risk board ( 2016 ). esrb / 2016 / 11 on medium - term vulnerabilities in the residential real estate sector of sweden, september 2016. floden, m, kilstrom, m, sigurdsson, j and r vestman ( 2016 ), household debt and monetary policy : revealing the cash ‐ flow channel. swedish house of finance research paper no. finansinspektionen ( 2019 ), the swedish mortgage market. finanspolitiska radet ( 2019 ), ” friare hyressattning och lik

##nts for developing a cmu. of course, we need to ensure that the fragmentation in underlying capital market structures and the lack of green bond standards does not change these positive developments. but this just adds to our plea for rooting the cmu in sustainable finance. in 2020, the european commission adopted a new cmu action plan. hopes were high then. but till this day, not much has become of it. things are advancing too slowly. and the closer we get to next year's european elections, the bigger the chance that divisive initiatives, like a capital markets union, end up in a drawer entirely. 2 / 3 bis - central bankers'speeches of course, central banks don't have a seat at the legislative table. but it is our obligation to be vocal about what is at stake. to be vocal about the lack of progress and ambition. let me mention three areas in which, i believe, progress is insufficient. first of all, there are still significant gains to be made in the area of availability and comparability of market and business information. to this end, it is particularly important that the european single access point is properly implemented, and that negotiators reach an ambitious agreement on consolidated tape. second, not enough progress has yet been made on uniformity in supervision and application of macroprudential and other rules. going forward, we need to search for ways in which esma can play a more central role as a market regulator to converge standards. market participants still have to deal with 27 different national regulators, which contributes to regulatory uncertainty and information asymmetry. and third, we need further harmonisation of laws and regulations. the commission's proposals on withholding tax and insolvency are good first steps. but agreements remain uncertain. even if the current agreements materialise, there is still much more potential here to remove key transaction costs that currently discourage cross - border investment. the prospect for the future could be a common insolvency framework, taking inspiration from the bank recovery and resolution directive. so, i see clear areas for progress, and we mustn't stop advocating for a cmu that is rooted in sustainable finance. because only then will our financial system be able to face the increasingly severe consequences of global warming, and of phenomena like el nino, and la nina. but let us also be like the founders of the european league for economic cooperation. let's look ahead, to the future, and