18 It is possible that the interval between the reviews could also be slightly longer, as monetary policy objectives probably have quite a long “durability” and perhaps do not need to be reviewed quite so often. Such regular reviews would probably not lead to substantial changes over time, which has not been the case in Canada either. But now and then, the conclusion may be that a change to the monetary policy objective would be preferable, which would of course be entirely appropriate. The important thing is that the remit is formulated via objective and scientific examination and scrutiny and not determined by short-term political motives or subjective opinion moulding in the media. Before any system of regular reviews is introduced, legal aspects must of course be considered. As far as Sweden is concerned, this means, for example, that both the remit and its terms must be compatible with EU law, which states, among other things, that the central bank shall maintain price stability. Although this puts restrictions on the possible remits of central banks, there are nevertheless some degrees of freedom as regards the exact policy formulation. That the central bank should aim at maintaining price stability defined in one way or another is of course only natural. The terms of the reviews must also consider that the central bank shall perform its remit without influence from the Member State’s parliament, government or any other body.
In June, the Riksdag supported the proposal and called on the government to appoint as soon as possible an inquiry into the consequences for the payment market of digitalisation and the declining use of cash, and the roles of the state and the private sector on this market. The Government Offices are currently in the process of drafting the inquiry’s terms of reference and reviewing its staffing. The inquiry will probably be able to start work in early 2020. So far, there are perhaps not so many lessons to be learnt from this as we are very much in the middle of an ongoing process. One possible lesson is that it is not just crises and macroeconomic paradigm shifts that require analysis, innovation and adaptability at a central bank. Changes in the payment system can also do so, even if they occur less frequently. Another lesson is that the payment habits of the general public can change very quickly once the prerequisites are in place. In just under ten years, dramatic developments have taken place in the way Swedish people pay for things. Between 2010 and 2018, the proportion of Swedes who used cash for their last transaction decreased from about 40 per cent to 13 per cent, and it will probably continue to fall. My vision of the Swedish payment system in the future Before I round off, allow me to elaborate on an issue that I am particularly passionate about.