Ingves at the Riksdag Committee on Finance: Hearing regarding Account of Monetary Policy 2021
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.
Date: 10/05/2022 10:00
Speaker: Governor Stefan Ingves
Place: Committee on Finance, Sveriges Riksdag
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.