Review of the monetary policy framework and the Sveriges Riksbank Act
In December 2016, the Swedish Government decided to task a committee of cross-party members of the Swedish Riksdag with conducting a review of the monetary policy framework and the Sveriges Riksbank Act.
Mats Dillén, former Director-General of the National Institute of Economic Research, is heading up the so-called “Riksbank Committee”. On 30 November 2019, the Riksbank Committee shall present its findings.
In its inquiry, the Riksbank Committee shall review the following:
- monetary policy objectives and means,
- the Riksbank’s responsibility for financial stability,
- the Riksbank’s institutional independence,
- the organisation of the Riksbank,
- the role of the Riksbank in international contexts,
- the democratic scrutiny of the Riksbank and monetary policy,
- the Riksbank’s responsibility for cash management, cash provision and contingency planning in the payment system,
- the Riksbank’s financial independence and balance sheet.
Interim report on cash - Secure access to cash
As regards the issue of the Riksbank’s responsibility for cash management, the Riksbank Committee has issued an interim report entitled “Secure access to cash”.
The Committee’s press release, United Riksbank Committee proposes that the major Swedish banks shall safeguard reasonable access to cash services, “Enig Riksbankskommitté föreslår att de stora bankerna ska säkerställa rimlig tillgång till kontanttjänster" (In Swedish only).
The Riksbank has given its view in a response to the interim report. Read more on the page “All banks should be obliged to handle cash”.
On 20 June 2019 the Government proposed in a referral to the Council on Legislation that the major banks shall supply cash services throughout Sweden. Read more about this (in Swedish) on the Government's website.
The Riksbank proposes a review of the concept of legal tender
In a proposal to the Riksdag in April 2019, the Riksbank proposed that a committee with all-round expertise be tasked with performing a review of the concept of legal tender, the role of central bank money in a digitalised economy and the role and responsibility of both the state and the private sector on the payment market. Read more in the news item “The Riksbank proposes a review of the concept of legal tender”. The Riksdag (the Swedish Parliament) agrees with the Riksbank that an inquiry is needed, read more on the Riksdag’s website (in Swedish only): Statens roll på den digitala betalningsmarknaden bör utredas.