to time constraints, i did not touch many topics closely related to the emergence of the global labour market. for instance, we should consider why, in the ranking of boston consulting group covering a hundred companies with the highest global growth potential on the emerging markets, there is no polish company 18, whilst the ranking is dominated by china and india, plus some companies from turkey, egypt, indonesia, thailand or mexico. for instance, we should consider what impact of the demography, migration, off - shoring, and outsourcing will be on the income of global employees. the available results demonstrate that poorly qualified workers in expensive countries may experience their wages go down or even become unemployed 19. however the impact on the economy remains positive, as outsourcing and off - shoring allow companies to increase their competitiveness and lift the sales – inter alia, due to the fact that foreign branches to a large degree serve the local markets – which, in turn, requires a higher employment level in head offices and a higher number of well - qualified people at home. 20 moreover, the fear of off - shoring increases the investment of employees in human capital, which results in better performance and flexibility of the labour market. 21 therefore, the ability to change and improve qualifications as well as to assess which sectors in poland have the potential and which are on the decline due to their inability to face the global competition, is gaining on significance. we should also assess what impact globalization has on company strategies. if multi - sourcing strategies are to be more and more widely applied, the question arises how polish enterprises should operate on that market. the question whether a long - term employment relationship in a large organisation is better than the one of self - organizing cooperating nets of small companies or even persons, which proved well in the manufacturing of motorbikes and textiles in china, and some software, still remains unanswered. last but not least, we should consider how polish companies and their employees should develop their most precious assets in the homo sapiens globalus society i. e. the intellectual capital. i am just making a remark of these extremely important topics. conclusions the recently published report by edward bendyk, “ przyszłosc pracy. polska, czechy, słowacja. ” [ “ the future of labour. poland, the czech republic and slovakia. ” ] concludes that out of the three analysed countries, the culture of innovation has the smallest

lars e o svensson : monetary policy after the financial crisis speech by mr lars e o svensson, deputy governor of the sveriges riksbank, at the second international journal of central banking ( ijcb ) fall conference, tokyo, 17 september 2010. * * * i thank claes berg, marianne nessen, staffan viotti and barbro wickman - parak for comments on this speech. the views expressed here are my own and not necessarily those of other members of the riks - bank ’ s executive board or of the riksbank ’ s staff. gabriela guibourg of the riksbank ’ s staff has contrib - uted to this speech. as the world economy recovers from the recent financial crisis and the great recession that followed, a debate is going on regarding the causes behind the crisis and how to reduce the risk of future crises. the role of monetary policy and its relation to financial stability are also under debate and some argue that there is a need to modify the framework of flexible inflation targeting and give a greater role to financial - stability considerations. some blame too expansionary monetary policy by the federal reserve after 2001 for laying the foundation for the crisis. my view is that the crisis was largely caused by factors that had very little to do with monetary policy. and my main conclusion for monetary policy is that flexible inflation targeting – applied in the right way and in particular using all the information about financial conditions that is relevant for the forecast of inflation and resource utilisation at any horizon – remains the best - practice monetary policy before, during, and after the financial crisis. a related conclusion is that neither price stability nor interest - rate policy is sufficient to achieve financial stability. a separate financial - stability policy is needed. in particular, monetary policy and financial - stability policy need to be conceptually distinguished, since they have different objectives and different appropriate instruments, even when central banks have responsibility for both 1. so today, i will first briefly summaries my view of the causes of the crisis, and then discuss what the possible lessons are for future monetary policy, and finally i shall emphasise the distinction between monetary policy and financial - stability policy. the financial crisis had little to do with monetary policy as i see it, the financial crisis was caused by factors that had very little to do with monetary policy. the factors were the macro conditions ; distorted incentives in financial markets ; regulatory and supervisory failures ; information problems ; and some very specific