Indeed, financial globalisation and digitalisation are also challenging the perception that central banks have a monopoly on the issuing of means of payment. The Riksbank’s responsibility for cash management has changed By law, the Riksbank shall supply the country with banknotes and coins and has the exclusive right to issue them. The law also states that these banknotes and coins are legal tender. Giving central banks a monopoly on the issuing of banknotes and coins, along with a certain degree of autonomy, has been seen as an effective and credible way of managing the supply of means of payment. Payment trends have a long history. From bartering and the first silver coins in Sweden in 995, to the first standardised and collective means of payment in the form of transport bills, which were introduced during the 17th century. Besides cash being much more modern today than when the Riksbank was founded almost 350 years ago, we also have access to several different electronic payment options. The Riksbank’ responsibility for means of payment has been adapted over time as needs have changed. At one point, the Riksbank had over 20 offices around the country, basically one in every county, where banks often deposited and withdrew cash. For a period, the Riksbank also accepted daily takings directly from companies. The Riksbank counted, performed quality checks, invalidated and stored cash. Over time, the Riksbank has rationalised and adapted its cash provision. Today, it is banks and other private entities who are responsible for the distribution of cash.

Fi 2015:02 “Tillgång till betalkonto med grundläggande funktioner [Access to payment accounts with basic functions],” Interim report 2 from the 2015 Payment Services Inquiry (Fi 2015:02) Fleming M.J. and N.J. Klagge (2010), “The Federal Reserve’s foreign exchange swap lines,” Current Issues in Economics and Finance, 16: 4, Federal Reserve Bank of New York. Flodén, M. (2015), ”Sweden needs its inflation target,” speech at Fores, Stockholm, 13 October. Giavazzi, F. and F. Mishkin (2006), ”An evaluation of Swedish monetary policy 1995–2005”, Reports from the Riksdag 2006/2007:RFR 1. Goodfriend, M. and M. King (2016) ”An assessment of Swedish monetary policy 2010–15”, Reports from the Riksdag 2015/16:RFR6. Goodhart, C. and J-C. Rochet (2011), “Evaluation of the Riksbank’s monetary policy and work with financial stability 2005–2010,” Reports from the Riksdag, 2010/11:RFR5. Goodhart, C. (1988), The evolution of central banks, Cambridge, Mass: The MIT Press. IMF (2015), Monetary Policy and Financial Stability, Staff Report, 28 August 2015. 18  BIS central bankers’ speeches  IMF (2016), Strengthening the International Monetary System – A stocktaking, IMF Policy Papers, March 2016. Ingves (1982), Den oreglerade kreditmarknaden, Expertrapport till Kreditpolitiska utredningen [The unregulated credit market, Expert report to the Credit Policy Inquiry] (SOU 1982:52). Irwin, N. (2013), “The Alchemists: Three Central Bankers and a World on Fire,” Penguin Books, London. Krugman, P. (2014), “Inflation Targets Reconsidered,” essay presented at the ECB Sintra conference, May 2014. Leeper, E. (2011), "Monetary Science, Fiscal Alchemy", in Macroeconomic Challenges: The Decade Ahead, Federal Reserve Bank of Kansas City Economic Conference Proceedings, 2010 Jackson Hole Symposium, pp. 361–434.