The Riksbank is led by an Executive Board of six members. The members of the Executive Board are appointed by the General Council, which in turn is appointed by the Riksdag, the Swedish parliament. The Executive Board is responsible for the bank’s entire operations, that is to say, monetary policy, issues of financial stability, market operations and the payment system. The Executive Board is also responsible for the Bank’s administration and budget.
The members of the Executive Board are appointed for a period of five or six years according to a rolling schedule. Usually, one member of the Board will be re-elected or a new member elected each year. One of the Board members is appointed Governor of the Riksbank.
The Executive Board makes decisions collectively at its meetings. The Chairman and Vice Chairman of the General Council have the right to attend and speak at Executive Board meetings, but not the right to vote or make proposals. Prior to making important monetary policy decisions, the Riksbank is required to inform the Government. The Executive Board presents a written report on monetary policy to the Riksdag Finance Committee twice a year.
An Executive Board member may not be a member of the Riksdag, a Government minister, an employee of the Government Offices, be employed at central administration by a political party, a member or deputy member of the board of directors of a company under the supervision of the Swedish Financial Supervisory Authority (Finansinspektionen), or hold any other employment or assignment that would make him/her unsuitable for the appointment of member of the Executive Board.
The Executive Board has a quorum when at least half of its members are present. However, matters that require urgent treatment may be decided upon by two members if they are in agreement. In the event of equal votes, the Chairman of the Executive Board (the Riksbank Governor) has the casting vote.
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