The Executive Board
The Riksbank is led by an Executive Board that currently consists of five members. The members of the Executive Board are appointed by the General Council, which in turn is appointed by the Riksdag, the Swedish parliament. Together the Board members are responsible for the Bank’s activities.
The members of the Executive Board are appointed for a period of 5 or 6 years according to a rolling schedule. One of the members is appointed Governor of the Riksbank and is Chairman of the Executive Board. One of the members is the First Deputy Governor and the others are Deputy Governors.
The Executive Board normally meets alternate Wednesdays and makes collective decisions at these meetings. At least three of the members must be present in order for decisions to be made. The Governor has the casting vote. A matter that requires urgent treatment may be decided upon by two members if they are in agreement.
The Chairperson and the Vice Chairperson of the General Council also have the right to attend the Executive Board’s meetings. They have the right to make comments but, so as not to jeopardise the Riksbank’s independence, they may not present proposals or vote.
The Executive Board makes decisions on the interest rate
Eight times a year, the Executive Board holds what is known as a monetary policy meeting. The Board members then decide on the policy rate. The way in which they have reasoned and voted at the meeting is reported in the minutes of the meeting, which are published approximately five working days later. The interest rate decision is a majority decision and the Governor has the casting vote. If any of the members has a different opinion, this is shown in the minutes.
The Executive Board presents a written report on monetary policy to the Riksdag Committee on Finance on a regular basis.