This would contribute to both better understanding and greater legitimacy for the policy conducted by the central bank. It should be added here that the Riksbank’ monetary policy is evaluated every year, that is, how the Riksbank has performed its remit. The Riksdag Committee on Finance performs an annual review based on background material such as the “Account of monetary policy”, a report compiled and published by the Riksbank. 15 In addition, the Committee on Finance occasionally hires external experts to review Swedish monetary policy. So far three such reviews have been conducted: By Francesco Giavazzi and Frederic Mishkin for the period 1995-2005, by Charles  14 Advocates of a higher inflation target include Blanchard et al. (2013), Ball (2014), Krugman (2014), Rosengren (2015) and Yates (2019). 15 See Sveriges Riksdag (2018) and Sveriges Riksbank (2018a) for the latest versions of these publications. 9 [21]  Goodhart and Jean-Charles Rochet for the period 2005-2010 and by Marvin Goodfriend and Mervyn King for the period 2010-2015. 16 Although these external reviews have sometimes touched upon issues related to the policy objective, their main purpose has been to evaluate the monetary policy conducted, based on the existing policy objective. These reviews are undoubtedly valuable and fulfil their purpose effectively, but it is something else I have in mind here. Canada has chosen a system with reviews of the central bank’s remit every fifth year. 17 The latest review from 2016 analysed, among other things, whether the level of the inflation target was the most appropriate.
SPEECH DATE:  15 October 2019  SPEAKER:  Governor of the Riksbank Stefan Ingves  VENUE:  Money Macro and Finance Research Group, London  SVERIGES RIKSBANK SE-103 37 Stockholm (Brunkebergstorg 11) Tel +46 8 787 00 00 Fax +46 8 21 05 31 registratorn@riksbank.se www.riksbank.se  Swedish monetary policy experiences after the global financial crisis: What lessons are there for other countries?∗ Thank you for inviting me. It is both inspiring and a privilege to be given the opportunity to speak in more academic contexts, such as this one. Although it was a long time since I was conducting academic research myself, I try to keep updated on what is happening, not only because it is part of the job, but also for my own interest. Now, about ten years on from the global financial crisis, I feel that we are in an unusually interesting phase. Worldwide economic events like the financial crisis, such as the Great Depression of the 1930s and stagflation in the 1970s, often have a profound effect on both macroeconomic thinking and practical policy. It is possible that something similar will also happen this time, but what a new macroeconomic paradigm will look like and what the policy implications will be is still unclear. 1 For my part, the crisis that affected Sweden and a few other countries in the early 1990s is etched on my mind, not least because, back then, I headed the so-called Bank Support Committee, which managed problems in the Swedish banking sector.