This would primarily have direct effects for the members of the Executive Board but is not something that worries me. However, it could also affect our ability to attract employees. Certain categories of employee may no longer consider us to be as exciting a workplace. For others, the opposite may be the case, particularly for those that want to work in a more international environment. Transparency is and has been a guiding principle of the Riksbank for many years. Should Sweden decide to join monetary union, the Riksbank would continue to be a transparent institution. In some respects, our actions would be naturally restricted by the common regulations for the euro area. To the extent we perceive this to be a problem for our operations and an obstacle to the transparency we safeguard, we would of course seek to effect a change. Concluding remarks Approximately three months remain until 14 September, when the Swedish people will be saying “yes” or “no” to the euro in a referendum. In light of this, I have addressed some issues today that are directly relevant to the Riksbank’s operations and the preparatory work that we are carrying out in the event of a “yes” vote. During the preparatory phase, Sweden may - if the government so decides - join ERM2. We are well prepared for this, having an economy that is in step with that of the euro area.
The Riksbank also has an internal preparation process with broad participation. Finally, we publish the minutes of Executive Board meetings in which the opinion of each member is evident. The latter issue has a different “charge” at European level since there is a risk that a genuinely single monetary policy would be undermined if individual positions were made public. Monetary union and financial stability in Sweden The Riksbank not only has the task of maintaining price stability but also that of promoting a safe and efficient payment system. In light of this, allow me also to say something about the potential implications of entry into monetary union from this perspective. The financial markets in Europe have developed rapidly over the past decade, partly as a result of the fact that the freedom to trade financial services is fundamental to the cooperation in the EU. Competition for the national banks has hardened. The single currency has contributed to the evolution of a far better capital market outside the banks, which has increased competition further. In several large European countries, a process of structural transformation in the banking systems is underway, much like that experienced in Sweden in connection with the banking crisis at the beginning of the 1990s. When competition grows stiffer, it can of course pose a threat to stability, especially if the banks are not accustomed to competition and are also weakly capitalised.