relates to how risks in the system as a whole can develop over time. the crisis and the period preceding it clearly illustrate the tendencies towards exaggerated cyclical behaviour that often characterise the financial markets. the demand for loans usually increases during periods of strong growth, and the perception of risk often appears to weaken. when the downturn comes, lending is tightened and many players want to sell their assets at the same time, which aggravates the downturn in both the financial and the real sectors. cyclical risks can also be met using existing tools or tools especially designed for the purpose. a loan limit has been imposed on lenders in sweden in the form of a mortgage cap. although finansinspektionen introduced this cap for consumer - protection reasons, the measure can also be used, at least potentially, for counter - cyclical purposes. liquidity requirements also have a cyclical dimension. the basel iii regulations comprise a counter - cyclical buffer that should be built up in good times when lending is increasing faster than the trend. when a downturn comes, the authorities can then release the buffer, which gives the banks a safety margin and can counteract credit tightening. bis central bankers ’ speeches macroprudential policy requires organisational development the advance of macroprudential policy has also led to organizational changes in supervisory work. in an increasing number of countries, individual authorities, or authorities working in collaboration, are being given direct responsibility for macroprudential policy. however, the question of the responsibility for macroprudential policy analysis and tools is not always simple. macroprudential policy encompasses clear elements of both supervisory and central bank activities. i discussed this in my speech here at nationalekonomiska foreningen a year ago. then i made the remark that a separated responsibility for monetary and macroprudential policy, without any coordination, could result in a game between authorities, which could lead to an outcome not desired by any of the authorities. in the united kingdom, sole responsibility has been given to the central bank. a financial policy committee is to be set up alongside the existing monetary policy committee. such a solution of course means that the coordination between these two almost parallel committees, although each with a different focus, becomes an important issue. in the eu, the european systemic risk board ( esrb ) has been set up at the ecb in frankfurt. central banks and supervisory authorities are represented on the esrb, but the central banks have the majority

godwin i emefiele : official launching of the 100 for 100 policy for production and productivity opening remarks by mr godwin i emefiele, governor of the central bank of nigeria, at the official launching of the 100 for 100 policy for production and productivity ( ppp ), lagos, 31 january 2022. * * * good afternoon, distinguished ladies and gentlemen. i am pleased to welcome you to the official launch of the 100 for 100 policy for production and productivity ( ppp ), an intervention of the central bank of nigeria designed to stimulate investments in nigeria's priority sectors with the core objective of boosting production and productivity, which will aid our efforts to stimulate greater growth of our economy and create employment opportunities. under this initiative, every hundred days, manufacturers in critical sectors that seek to engage in greenfield projects or in expanding their existing facilities will have access to cheaper forms of credit at single digit rates, as well as foreign exchange to procure plants and machineries. this programme has the potential to significantly accelerate manufacturing output, promote further diversification of our economy and enable faster growth of our non - oil exports. more specifically, the ppp will help to reduce our overreliance on imports, and stimulate productivity in agriculture, healthcare, manufacturing, extractive industries, logistics services, trade - related infrastructure, and renewable energy. this launch also fulfills the commitment we made during the unveiling of the first central bank digital currency ( cbdc ), the enaira, by his excellency, president muhammadu buhari gcfr, on the 25th of october, 2021, when we announced that the cbn will introduce a 100 for 100 – policy on production and productivity ( ppp ), under which eligible companies in priority sectors will be screened and 100 companies will be selected to receive funding from the cbn every 100 days, beginning from 1st november 2021. the selection of subsequent beneficiaries will be rolled over every 100 days with new sets of 100 companies and details of these companies will be published in the major national dailies. today's launch of the 100 for 100 policy for production and productivity ( ppp ) initiative and cheque presentation to selected companies, is a culmination of our engagements with critical stakeholders in the manufacturing sector and financial institutions, as we have here today pioneer beneficiaries of the initiative and the participating financial institutions. your excellencies, distinguished ladies and gentlemen, over the past seven ( 7 ) years,