proposals – many of them were controversial, which stimulated the debate of the day. the lindbeck commission took the view that the crisis was based on problems in three fundamental areas ; stability, efficiency and growth. the proposals were also grouped into measures to create stability, measures to increase efficiency in resource utilisation and measures to increase growth in the economy. price and budget stability has been attained if one reads this report today, one is struck by how many of these proposals have actually been implemented. when it comes to measures for attaining macroeconomic stability, most of them have been implemented and sweden has for several years enjoyed low inflation and sound public finances. progress has also been made in the field of wage formation. with regard to measures to increase efficiency and potential growth, the result of a survey of which proposals have been implemented gains more mixed results. important changes have been made in some areas ; while in others very little has happened. if we look at developments during the eight years that have passed since 1993, the results are heartening. the average growth rate during this period has amounted to 3. 1 per cent. this is very different from the average growth rate of 1. 8 per cent that prevailed during the previous ten years. if developments since 1993 had been limited to this 1. 8 per cent, we would currently have a gdp level around sek 174 billion lower than now, i. e. more than eight per cent lower, and the situation would have looked radically different in most areas. open unemployment would be twice as high if one " new terms for economics and politics ", proposals from the economics commission, sou 1993 : 16. utilises the " okun relation " - at approximately 8 per cent rather than roughly 4 per cent. it is doubtful, however whether the okun relation is relevant over such a long period of time. the greatest part of the difference would probably have resulted in lower real wages, i. e. our disposable incomes would have been substantially lower. it is possible to make many calculations of this nature, all of which illustrate how differences in the growth rate provide very strong effects over a number of years. there is therefore good reason to discuss which factors have contributed to this favourable development. it will probably not be possible to agree on a definitive answer, but i believe it is likely that the structural reforms implemented even before 1993 ( in particular the tax reform of 1990 / 91 ) and the proposals by the economics commission that were implemented have all

. ahlander, m. carlsson and m. klein ( 2023 ), “ price pass - through along the supply chain : evidence from ppi and cpi microdata ”, sveriges riksbank working paper series 426. as the study points out, there are significant differences in the goods covered by the producer price and consumer price indices and how they are weighted together. this makes it more difficult to study the relationship between the indices. one way to reduce this problem is to match similar products at the producer and consumer levels using price microdata. 13 see the analysis entitled “ relationship between producer and consumer prices ”, monetary policy report, march 2024. 14 see “ the krona will strengthen in the long run ”, speech on 22 september 2023, and the article with a similar title in monetary policy report, september 2023. a discussion of the krona in a longer perspective and the role of monetary policy in the development of the exchange rate can be found in c. - j. belfrage, j. hansson and a. vredin ( 2023 ), “ how should we view the development of the krona? ”, economic commentary no. 3, sveriges riksbank. 15 see the article “ the impact of the exchange rate on inflation ” in monetary policy report, december 2016. 8 speech pass - through of the krona depreciation was much larger and faster than before. 16 for example, goods prices increased faster in sweden than in the euro area and, compared with neighbouring countries, goods prices increased faster in sweden and norway, both of whose currencies depreciated against the euro, than in denmark, whose krona is pegged to the euro. the rapid rise in inflation in the rest of the world has also led researchers to focus on the question of whether the pass - through varies depending on the state of the economy. 17 a recent riksbank study has examined whether this has been the case in terms of the krona ’ s impact on various measures of inflation from 2000 until autumn 2023. 18 the study finds that the impact on cpif inflation is on average in line with the riksbank ’ s earlier calculations. these, in turn, are close to the performance of other developed economies. however, there appears to be a nonlinear relationship whereby a weakening exchange rate has a much greater impact on inflation in times of geopolitical uncertainty or when domestic inflation is above the