Executive Board at hearing of Committee on Finance regarding Account of Monetary Policy
News, Speeches On Tuesday, the entire Executive Board of the Riksbank participated in the annual hearing of the Committee on Finance on the monetary policy conducted the previous year
Governor Stefan Ingves began the hearing by summarising the monetary policy year 2021, a year marked by a rapid economic recovery and the pandemic. The fall in GDP was recovered and the employment rate rose to pre-pandemic levels. Several of the crisis measures implemented by the Riksbank at the beginning of the crisis could be phased out during the year.
After being very low in 2020, inflation rose rapidly in the second half of 2021. In Sweden, the upturn in inflation was driven by sharply rising energy prices. Excluding these, cost pressures remained moderate during the year. Monetary policy was aimed at supporting the economic recovery and bringing inflation back to the target of 2 per cent.
“Given the extraordinary disturbances that the world economy underwent during the pandemic, target attainment should be considered acceptable,” said Stefan Ingves.
Christina Nyman, Handelsbanken and John Hassler, Stockholm University, gave their views on the Account of Monetary Policy and the policy conducted. After this, First Deputy Governor Cecilia Skingsley commented on the views of the opponents.
Facts: Hearing of Committee on Finance
Every year, the Riksdag Committee on Finance examines and assesses the monetary policy conducted by the Riksbank during the preceding years. The Riksbank compiles and publishes material for this assessment in a document entitled Account of monetary policy.