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, IMF and BIS 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), The European Systemic Risk Board (ESRB) 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), of which 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.
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.
The Riksbank’s priorities
The Riksbank actively participates in international discussions in all its areas of activity, with a particular focus on its core tasks. The Riksbank participates in global cooperation on financial infrastructure, payments and the digitalisation of the payment market. The Riksbank is also highly involved in the development of regulations and working methods to guarantee efficiency and stability on the increasingly cross-border financial markets. The Riksbank also participates, for example, in dialogues with other central banks on different ways of formulating monetary policy.