Sources: National central banks and the Riksbank  Figure 8. Rising housing prices in relation to disposable income Index 1995 Q1 = 100 250 200 150 100 50  95  00  05  10  Sweden  Denmark  Norway  USA  Finland  UK  15  20 Canada  Note. Quarterly data. The index shows nominal house price index in relation to nominal disposable income per capita. Source: The OECD  32 [35]  Figure 9. Household liabilities an increasing part of disposable income Index, 1995 =100 250 200 150 100 50  95  00  05  15  10  Sweden  Denmark  Norway  USA  Finland  UK  20  Canada  Note. Index shows household debt as a percentage of disposable income. Sources: OECD, Statistics Sweden and the Riksbank  Figure 10. Size of the Riksbank’s balance sheet has varied substantially over time Per cent 30 25 20 15 10 5 0 1800  1825  1850  1875  1900  1925  1950  1975  2000  2025  Note. Riksbank’s total balance sheet as a share of GDP. Source: The Riksbank  33 [35]  Figure 11. Many central banks’ balance sheets have grown Per cent of GDP 140 120 100 80 60 40 20 0  16  17  18  19  20  The Riksbank ECB Federal Reserve  21  Bank of England Bank of Japan  Note.
For the Riksbank’s part, this means that we need to continue our work on modernising our money so that it is better suited to a digital economy, that is, to continue our work with the e-krona. We also need to update the infrastructure for payments. One should not have to wait several days for a payment to be executed. We will therefore offer what are known as ‘instant payments’, that is, payments that are executed directly, 24/7. We also need to invest more resources in cyber security and crisis preparedness so that the payment system can withstand shocks. It is important not least to continue the international collaboration we have with other central banks and with the Bank for International Settlements (BIS). There we are working on simplifying cross-currency payments and analysing digital central bank money (also known as CBDC, Central Bank Digital Currency). It is therefore very pleasing that the BIS’ new Innovation Hub will soon open in Stockholm. These hubs are a means of ensuring that the central banks have good cooperation with one another and keep up to date with the rapid technological developments currently taking place. New participants entering the payment market This development is clearly visible in the payment market. New technology and new legislation has made it easier for other types of company than banks to compete in mediating payments. Consumption patterns are also changing, for instance, in that it is becoming increasingly common to shop online rather than in physical shops.