Sweden’s Riksbank has published consultation responses from both its Executive Board and its General Council to the Riksdag Committee on Finance’s external evaluation of Sweden’s monetary policy for 2015–2024 (by Morten Ravn and Carolyn Wilkins), which was also discussed at a Committee hearing on 17 February 2026. The Executive Board endorses many of the evaluation’s recommendations and sets out how it intends to refine its policy framework and analytical toolkit, while the General Council welcomes the evaluation as input to its control and audit role but refrains from commenting on the report’s conclusions and recommendations. On policy tools, the Executive Board reiterates that the policy rate is the main instrument, with asset purchases and negative rates reserved for unusually difficult circumstances, noting a high threshold for purchases beyond Swedish government securities where the Sveriges Riksbank Act requires “exceptional reasons”. It supports more structured analysis of unconventional measures, clearer communication of their costs, side effects and financial risks, and further work on how such measures could be unwound, while noting that detailed ex ante rules may be hard to specify. It highlights operational preparedness measures already taken, including a long-term government bond holding established in November 2024 (SEK 20 billion nominal, intended over time to broadly reflect outstanding nominal government bonds with remaining maturities of around 1–15 years). The response supports enhanced information sharing between monetary and fiscal authorities in downturns within the constraints of institutional independence, but views alignment between Swedish National Debt Office borrowing and unconventional operations as difficult to implement. It sees no current need to review the Riksbank’s equity framework following amendments to the Sveriges Riksbank Act that entered into force in January 2025 and the introduction of a power to require interest-free deposits from credit institutions when equity falls below target. The Board backs continued investment in modelling and data, including further development of its MAJA core model, AI and machine-learning methods for short-term forecasting, expanded use of high-frequency and real-time data (including online food prices via a subscription to Matpriskollen since spring 2023), and a strengthened approach to scenario analysis, noting that Monetary Policy Reports have included two scenarios since April 2023. On institutional arrangements, it does not support formalising the Head of Research’s participation in monetary policy deliberations as recommended, pointing instead to existing researcher involvement and “devil’s advocate” practices. For crisis coordination, it sees no need for a formal memorandum of understanding given existing channels, but flags potential legal constraints around confidentiality when sharing data between authorities. On macroprudential policy, it supports increased cooperation but questions the value of publishing regular joint systemic risk assessments with the Swedish Financial Supervisory Authority. For reserves, it emphasises that a quantitative reserve-adequacy framework already exists and is updated annually, covering crisis-management needs (based largely on liquidity stress tests of the largest banks), potential foreign exchange interventions, and international commitments (calculated as ±30% of the Riksbank’s IMF Special Drawing Rights allocation), and it plans further model development; it also considers reserve financing and hedging issues better handled internally and sees no current need for a new external review following a BIS peer review conducted in 2024.

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