35 See also the article “The coronavirus is highlighting the need for flexibility in the new Sveriges Riksbank Act” in Sveriges Riksbank (2020b). 16 [35]  With hindsight, we can say that the measures together contributed to being able to avoid a credit crunch and to maintaining the stability of the financial system. 36 Other contributing factors were measures taken by other central banks and other Swedish authorities. At the same time, we avoided a larger and more lasting downturn in the economy, which was positive for inflation prospects, for instance. In other words, there was no conflict of interests between on the one hand maintaining financial stability, and on the other hand supporting the real economy, as well as maintaining price stability. The pandemic showed, as I see it, that the Riksbank needs in certain situation to use a combination of several tools – not just the policy rate – to obtain the desired effect. The tools need to be fit-for-purpose under different conditions and in situations that can be difficult to specify in advance. It must also be possible to use them with a large degree of flexibility. This is particularly important when a combination of measures is needed. 37 The Government has in its proposal for a new Sveriges Riksbank Act proposed several restrictions to practical monetary policy. These include narrowing the definition of what is regarded as monetary policy, compared with the present one, and also restricting the Riksbank's power to use different monetary policy tools.
It may seem as though competition and efficiency will only increase as digitalisation increases. But the payment market is distinguished by positive network effects. This means that when new users connect to a payment solution, there is increased benefit for all participants. This means that the market could ultimately be dominated by one or a couple of large companies that attain  8 It is of course also important to have a stable fiscal policy to ensure there is confidence in the currency. 5 [35]  monopoly status. It is therefore important that the state takes responsibility and regulates the market, but as new products are positive for consumers, the state also needs to implement measures to benefit competition and innovation. 9 These new types of company that have begun competing on the payment market often have as business concept to gather and analyse data, which means they can offer cheap services. This so-called FinTech sector has grown rapidly and is now challenging the banks. In general, increased competition is positive, as it leads to lower prices for companies and customers. However, it is important that the same rules apply to all players on the market, and that the legislation also stays apace of the emergence of new phenomena, which can be difficult to classify and to scrutinise. Sometimes the changes on the payment market occur very quickly. In China, it didn’t take long before companies like Alipay and WeChat Pay had taken a dominant position. This is where network effects come in.