how to deal with the next crisis

Swedish financial system investigated

Published tisdag 30 augusti 2011 kl 20.01
Svenska riksbanken. Foto: Mats Andersson/Scanpix.
The Bank of Sweden. Photo: Mats Andersson/Scanpix.

The Swedish authorities need to divide responsibility up more clearly between the roles of the Bank of Sweden, the Swedish Financial Supervisory Authority, the Swedish National Debt Office and the Finance Ministry in order to be more prepared for any future financial crisis, according to an expert investigation carried out by order of the Swedish Parliament, reports news agency TT.

Professor Jean-Charles Rochet from the University of Zurich, and Professor Charles Goodhart from the London School of Economics have investigated the way the Swedish authorities dealt with the latest crisis, and have come up with suggestions for improvements.

They add that Sweden dealt well with the crisis, but could have faced huge problems if the US Federal Reserve and the European Central Bank had not stepped in and helped out Swedish banks with their large loans tied up in US dollars.

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