Voting by the Executive Board on interest rate decisions

The Riksbank is led by an Executive Board consisting of six members. The Board holds six scheduled monetary policy meetings every year. At these meetings, the Executive Board establishes its majority view of what is considered a well-balanced monetary policy, giving consideration to inflation and the developments in the real economy during the forecast period. After that, the Board reaches a decision on the repo rate and on a forecast for the future repo rate, what is known as the repo rate path.

 

Naturally, there may be differences of opinion within the Executive Board as to how inflation and the real economy will develop and thereby as to what would be a well-balanced monetary policy. In these cases, it is the majority view that is expressed in the decision and in the Monetary Policy Report. If there is no majority for a decision, the Governor of the Riksbank has the casting vote.

 

The press release reporting the decision of the Executive Board also contains brief information on whether any of the members has entered a reservation against the decision, as well as their reasons for doing so. The complete reasoning behind the Executive Board’s decision is presented in the minutes of the meeting, which are published around two weeks after the meeting.

 

The six members of the Executive Board have different backgrounds, experiences and knowledge. This means that the decisions on monetary policy are based on many different perspectives of developments in Sweden and abroad.

 

A compilation of how each member has voted at the monetary policy meeting can be found, se the link "Historical interest rate voting 1999-2013".

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