Sweden is a small open economy that is highly affected by events in the global economy. By participating in international work, the Riksbank strives to the best of its ability to contribute to price stability and financial stability in the global economy. The Riksbank regularly participates in around 180 international committees and working groups. The Riksbank also has direct contacts with central banks in other countries to discuss issues of joint interest or to provide technical assistance (advice to central banks in emerging economies).
The EU and the IMF in focus
A central forum for international cooperation on economic issues is the European Union (EU). The Riksbank is, among other things, a member of the European System of Central Banks (ESCB) and contributes to the preparations for the ECOFIN Council through its participation in the Economic and Financial Committee (EFC). The Governor of the Riksbank also attends the twice-yearly informal ECOFIN meetings.
Another important forum for the Riksbank's international cooperation is the International Monetary Fund (IMF), where practically all of the countries of the world are members. The Riksbank participates here with other central banks and finance ministries. Sweden cooperates closely with the Nordic and Baltic countries and forms a joint constituency with them in the IMF. The Nordic-Baltic constituency appoints one of the 24 Executive Directors on the Board of the IMF, currently Thomas Östros from Sweden..
Together with a number of other central banks, the Riksbank is involved in the work at the Bank for International Settlements (BIS), where drawing up norms and standards for various part of the financial system plays a central role. In the Organisation for Economic Cooperation and Development (OECD), the Riksbank participates in economic-policy discussions with representatives of other member states.
In the menu under "International work" you will find more information about the international organisations that the Riksbank works with.
The Riksbank's priorities
The Riksbank actively participates in international policy discussions in all the fields of its work, but with a particular focus on its core tasks. For example, the Riksbank is highly involved in the development of regulations and working methods to guarantee efficiency and stability on the increasingly cross-border financial markets. The Riksbank is also more than willing to engage in a dialogue with other central banks on different ways of formulating monetary policy and to share its experience of inflation targeting. In the case of the IMF, Sweden strives, for example, to ensure that the ongoing reform work reinforces the legitimacy of the IMF in all parts of the world and increases the efficiency of the organisation so that the Fund can continue to effectively promote economic and financial stability.
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