I stress their importance because they promote a multilateral cooperation framework agreement and set minimum requirements for achieving the rapid and consistent conclusion of the cooperation agreements between deposit guarantee schemes (DGS). These cooperation agreements will address operational cross-border challenges, 1 such as ensuring that depositors in EU branches of institutions headquartered in other Member States are treated similarly to depositors in the home Member State. The H2C (home-host cooperation) project, which has just been extensively presented is also a remarkable new step towards finding and experimenting with solutions to shared problems, and this must be encouraged. It is an example of the constructive cooperation between DIS operators or authorities despite their diverse regulatory or operational approaches. 1  2  These guidelines concern (i) the modalities for repaying depositors by local DGS at branches of banks established in other European Member states, (ii) the modalities for the transfer of contributions from one DGS to another in the event of a credit institution ceasing to be a member of a DGS and joining another DGS, and (iii) modalities for mutual lending between DGSs  BIS central bankers’ speeches  From a regulatory perspective, there is the example of the FSB Key Attributes that have been applied through the Crisis Management Groups, with relevant authorities holding discussions to find ways to tackle the recovery and resolution of GSIBs.
This is something that I and my colleagues will continue to work on explaining over the coming year. At the same time, it should be emphasised that this is a complex task and that it is therefore quite natural that there is a debate on monetary policy. Nor are we Executive Board members always unanimous on which interest rate decision will be the best one in a given situation, despite the fact that we are agreed on the objective of our monetary policy. Credibility demands openness and clarity In order to combine confidence in price stability in the longer term with flexible inflation targeting, it is important that we are open and clear when conducting our monetary policy. This is also a necessary condition for the legitimacy of the Riksbank’s objective, independence and actions. Important elements of this endeavour include publishing the analyses on which interest rate decisions are based in the form of Inflation Reports. In addition, after every monetary policy meeting a press release is published, which gives an account of the reasons behind the decision made. Moreover, when an Inflation Report is published or the repo rate is adjusted, the Riksbank holds a press conference. The Executive Board’s monetary policy discussions are reported in separate minutes of the monetary policy meetings, which are published around two weeks after each meeting. In this way, all those who wish can closely follow our reasoning and a basis for evaluating our assessments and decisions is created.