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 within its powers 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.
EU and IMF in focus
The European Union (EU) is a key forum for international economic and financial co-operation. 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. Participation in these fora enables the Riksbank to contribute to the coordination of efforts to promote a sustainable balanced development and to the co-operation in order to manage short-term tensions.
Another important arena for the Riksbank’s participation in international co-operation is the International Monetary Fund (IMF). 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. Currently, Denmark holds the Chair in the Nordic-Baltic constituency. This constituency appoints one of the IMF’s 24 Executive Directors, who represent the member states on the Fund’s Executive Board.
Furthermore, together with a number of other central banks, the Riksbank takes part in the activities of the Bank for International Settlements (BIS), where the elaboration of standards and norms for various parts of the financial system plays a key role. The Riksbank is also involved in discussions on economic policy issues with representatives of other countries in the framework of 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.
Priority issues
The Riksbank actively participates in international policy discussions across its entire field of activities. It gives special priority to issues within the area of the bank’s core functions. For instance, in increasingly cross-border financial markets, the Riksbank supports the further development of analytical methods and of the regulatory framework so as to enhance efficiency and stability. The Riksbank is also engaged in discussions with other central banks about various ways to conduct monetary policy and willingly shares its experiences of inflation-targeting procedures. In the context of the ongoing reform process in the IMF, Sweden supports efforts to promote the legitimacy of the Fund in all parts of the world and to enhance efficiency in its work, in order to enable the IMF to further foster economic and financial stability.