EU-cooperation

European System of Central Banks (ESCB)

The ESCB comprises the European Central Bank (ECB), which is located in Frankfurt, and the national central banks of all EU Member States. The main objective of the central banks of the ESCB is to maintain price stability, i.e. to safeguard the value of the euro. As Sweden is not part of the euro area, it retains its national responsibility for an independent national monetary policy and is thus not included in parts of the decision-making process of the ESCB. In addition, issues of common importance to all central banks in the EU are dealt with and the Riksbank participates in around 50 committees or groups within the ESCB. Participating in the ESCB enables the Riksbank to exert influence on issues that are important to Sweden and to share and exchange knowledge and experience.

European Systemic Risk Board (ESRB)

The ESRB is responsible for macroprudential policy concerning the EU's financial system and works to prevent and reduce risks to the stability of the financial system.

ESRB consists of:

• Central banks and supervisory authorities from all EU countries plus Iceland, Liechtenstein, Norway and the ECB
• The three European Supervisory Authorities (EBA, EIOPA and ESMA)
• Single Supervisory Mechanism, SSM
• European Commission and Economic and Financial Committee
• Single Resolution Board, SRB
• ESRB Advisory Scientific Committee (ASC)

Participation in the ESRB gives the Riksbank the opportunity to influence issues related to financial stability in the EU, as well as to share and contribute knowledge, information and experience in this area.

To fulfil its macroprudential policy mandate, the ESRB oversees and evaluates potential risks to the stability of the EU financial system, covering all financial institutions, markets, products and market infrastructures within the Union. The ESRB assesses and also provides feedback on planned national macroprudential measures, or acts as a sounding board for EU Member States on issues where a macroprudential perspective is needed.

Other EU cooperation partners

Other important institutions for EU cooperation are the European Parliament, the Council of the European Union, the European Commission and the European Court of Justice. The Riksbank is mainly affected by cooperation in the economic and financial areas within the Council of the European Union. The Council decides on joint legislation, in most cases together with the European Parliament.

The Riksbank also takes part in the Economic and Financial Committee (EFC), whose primary task is to provide advice on important economic policy and financial issues to the ECOFIN Council and the European Commission. The Governor of the Riksbank participates in informal ECOFIN meetings every six months together with the other EU central bank governors to discuss issues of common interest and guidelines for EU cooperation.