A small and open economy such as Sweden’s is highly dependent on developments in the global economy. This also has a direct impact on the Riksbank’s activities. As a strategic aim for participating in international cooperation the Riksbank endeavours to contribute in various ways to international monetary and financial stability. The Riksbank regularly participates in some 130 international committees and working groups. In addition, the Riksbank maintains bilateral contacts with central banks in other countries to discuss issues of mutual interest or to provide technical assistance in central bank matters.
IMF and EU in focus
The International Monetary Fund (IMF) is a central forum for international economic co-operation. Practically all countries in the world are members of the IMF. The Riksbank takes part in the co-operation with other central banks and finance ministries. Together with the other Nordic countries and the Baltic countries, Sweden forms a constituency in the IMF. This constituency appoints one of the IMF’s 24 Executive Directors, who represent the member states on the Fund’s Executive Board.
Sweden holds the presidency of the Nordic-Baltic constituency in 2008 and 2009 and has nominated the joint representative to the Fund’s Executive Board, Mr. Jens Henriksson, former State Secretary at the Ministry of Finance, for this period. The IMF faces a number of challenges in the next few years. Sweden aim is to make the ongoing reform work strengthen the legitimacy of the IMF in all parts of the world and improve the effectiveness of the Fund’s promotion of economic and financial stability.
Another important arena for the Riksbank’s participation in international cooperation is the European Union (EU). The Riksbank is part of the European System of Central Banks (ESCB) and contributes to the preparations of the ECOFIN Council by participating in the Economic and Financial Committee (EFC). The Riksbank governor also takes part in the bi-annual informal ECOFIN meetings for EU finance ministers and central bank governors. Furthermore, the Riksbank is represented on the Board of Directors of the Bank for International Settlements (BIS), in various groupings in the Group of Ten (G10) framework and in discussions on economic policy issues in the Organisation for Economic Co-operation and Development (OECD).
In the left-hand menu you can find further information about the international organisations in which the Riksbank is represented.
The Riksbank actively participates in international policy discussions across its field of activities. It gives special priority to issues within the area of the bank’s core functions. For instance, in an increasingly cross-border financial market, the Riksbank endeavours to promote the development of a clear regulatory framework and the implementation of supervisory methods to guarantee efficiency and stability, in particular in the EU. The Riksbank is also engaged in discussions with other central banks about different ways to conduct monetary policy and willingly shares its experiences of inflation-targeting procedures.
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