explanation for the discrepancy between our economies may lie in the different ways in which productivity is measured in the united states and in europe. there are also some indications that productivity growth may accelerate in the future but they are still too uncertain to support any more far - reaching conclusions in the formation of monetary policy. it is accordingly conceivable that the swedish economy will move into a process with accelerating productivity growth but let us wait until that happens before incorporating it in our expectations and policy decisions. our economy is developing favourably enough as it is. a growth process driven by rising investment and productivity can result in good circles. to some extent, that can be said to have been the case in recent years. it accordingly helps to explain the favourable economic developments in sweden. another cause lies in the various deregulations that have been implemented. inflation this year improved by deregulation and competition thus, it is other positive supply side effects that have helped to achieve the rapid output growth without generating inflationary impulses. the effects have come from the deregulation of electricity and telecom markets, as well as from the eu ’ s agricultural reform. meanwhile, the temporarily lower rate of inflation has meant that real wage growth has exceeded expectations and thereby acted as a general demand stimulus. on the whole, however, the effects are of the one - off kind that lower the price level and stimulate demand for just a limited period. but if these effects have a gradual impact on different segments of the economy, their overall impact on inflation may be spread over many years. another explanation for the favourable overall price trend is the generally stronger competition. it is now more difficult for firms to raise prices in order to improve profit margins, as usually happens at this stage in a business cycle. to some extent this may also be because firms know that price impulses from that quarter will inevitably cause the riksbank to raise the instrumental rate. to achieve a reasonable return on capital, firms are obliged instead to make production more efficient. that tends to result in better productivity. the increased oil prices can be cited correspondingly as an example of a negative supply shock. that is not an entirely adequate description, however, because to a certain extent, rising oil prices have to do with the better global activity, which normally leads to a general increase in commodity prices. the oil price increases tend to push prices up and curb output. but so far, the combined impact of all the supply shocks seems to be positive, that is

customer due diligence procedures issued by the basel committee on banking supervision. the financial services commission, which has responsibility for non - deposit - taking financial institutions such as insurance companies, securities dealers, unit trusts and mutual funds, has also recently issued similar guidelines. the bank of jamaica actively participates in national efforts to ensure that jamaican financial intermediaries are not being used as conduits for the funding of terrorist groups. the central bank chairs a financial crimes task force that has been charged with the responsibility of making proposals for relevant amendments and / or enactment of legislation covering all facets of financial crime, inclusive of money laundering, terrorism financing, and related issues. these efforts have culminated in the legislative amendments that were referred to earlier. in closing, let me stress the importance of the collaborative efforts of the relevant authorities within jurisdictions, regionally and internationally, in ensuring the effectiveness and success of the aml / cft measures. the effectiveness and success of these measures depend critically on this collaboration. i therefore trust that the combined efforts of all our caribbean colleagues will restrict those who seek to exploit our financial systems and corrupt our economies and societies for their own selfish gains. i believe that over the next five days the sessions will serve to strengthen the capacity of our examiners and facilitate the application of the new 2004 imf / world bank assessment methodology as the basis for future anti - money laundering / combating of financing terrorism ( aml / cft ) assessment exercises. in the meantime, i wish to thank the caribbean financial action task force, the international monetary fund and the world bank, for the timely scheduling of this workshop. i hope that you will all have a very productive week, as you learn how to implement the imf 2004 assessment methodology and draw on the wealth of knowledge of the presenters and the experience of your fellow participants. to all our overseas visitors, i hope that you will find some time to make it jamaica again in the near future, when you can relax and explore our beautiful island. thank you.