Since 2001, we have thus lowered interest rates more quickly and more decisively than the ECB. With inflation less than 1 percent, we enjoy price stability and our interest rates lie clearly below corresponding rates in the eurozone. A more homogeneous monetary system in Europe and a more stable international monetary order will help Switzerland to fully benefit from the present recovery of the world economy. 4  BIS Review 35/2004
Then I made the remark that a separated responsibility for monetary and macroprudential policy, without any coordination, could result in a game between authorities, which could lead to an outcome not desired by any of the authorities. In the United Kingdom, sole responsibility has been given to the central bank. A Financial Policy Committee is to be set up alongside the existing Monetary Policy Committee. Such a solution of course means that the coordination between these two almost parallel committees, although each with a different focus, becomes an important issue. In the EU, the European Systemic Risk Board (ESRB) has been set up at the ECB in Frankfurt. Central banks and supervisory authorities are represented on the ESRB, but the central banks have the majority of the votes when decisions are made. In Sweden, Finansinspektionen and we at the Riksbank set up the Council for Cooperation on Macroprudential Policy in January this year. This council will discuss the assessment of risks in the financial system as a whole and discuss appropriate risk-prevention measures. The Council will also discuss analyses and the development of tools and methods in the area of macroprudential policy. The Council is a temporary solution while awaiting a more permanent distribution of the responsibility for macroprudential policy. At present, the Financial Crisis Commission is working with this issue. The recently appointed inquiry on capital adequacy regulations will focus specifically on responsibility for the future counter-cyclical capital buffer.