And if we take action, we will clearly describe what we are doing and why. The Riksbank has close contacts with the Swedish banks and with other financial market agents. Although we do not see any indications of extensive liquidity problems at present, we will continue, as always, to closely follow developments in the financial markets. This is where our responsibility for financial stability also comes in. We have to ensure that the payment system functions in a safe and efficient manner. Part of this work involves regularly analysing developments in the financial market and the financial system’s capacity to withstand any shocks that might arise. We present our analyses regularly; most recently in May this year. We are also involved in shaping the regulatory framework to ensure it is designed to achieve a stable system. In all of our work regarding financial stability we work in close cooperation with other Swedish and international authorities. If the situation were to go so far that more serious liquidity problems nevertheless arose, we have detailed plans for how we can deal with them. If the worst came to the worst, we have the possibility to grant emergency liquidity assistance to the financial institutions under the supervision of Finansinspektionen (the Swedish Financial Supervisory Authority). But we only do so if the institution in question is solvent. Loans are then granted at an interest rate that is higher than the lending rates in our steering interest rate system and only if we see that the Swedish financial system is threatened.
Another objection to central banks publishing their own interest rate forecasts is connected to the functioning of the market. This means that in principle the financial market agents could stop looking for other information if they have access to the central bank’s forecasts for interest rates in the slightly longer term. How the market views economic prospects is normally reflected in the long-term market rates. This source of information could thus be lost and this would impair the functioning of the market. But as I perceive it, there have not been any such signs so far. In addition, I find it very difficult to imagine that the market agents would stop making independent assessments because we are publishing our own view of interest rate developments. They if anyone know that the interest rate path is a forecast and they therefore have strong reasons for continuing to search for information via other channels than the Riksbank. So far it has been clear that we and other market agents have actually had slightly different views regarding how the interest rate will develop in the future. And this is actually a sign that things are as they should be. It is quite natural that forecasters make different judgements, particularly in the slightly longer term. In the long term, there are also more factors than expected monetary policy that have significance for interest rates.