For instance, Finansinspektionen could have a stronger obligation to consult the Riksbank on issues that concern liquidity regulation and supervision or the Riksbank could be expected to give recommendations in this field. International cooperation important to promote financial stability Finally, I would like to take up the international perspective, which has gradually increased in significance over the years. As the financial sector becomes increasingly cross border, the international cooperation on financial stability issues, and in particular financial regulations and systemic risk, has strengthened. In general, the central banks' cooperation in this field is very extensive. For instance, most central banks have significant responsibilities in the systemic risk field, not least within the EU. The Riksbank currently participates in around 80 committees and working groups that focus on issues regarding the efficiency and stability of the financial system. This gives us both the possibility to influence questions with a bearing on financial stability, and to learn from how other central banks conduct their analysis of financial stability and how they manage payment system issues, cash and the role of lender of last resort. In some cases the Riksbank takes part in forums that are purely for central banks (such as the BIS and the ECB), and in other contexts we participate alongside other Swedish authorities. In the forums that are solely for central banks, other authorities are not able to replace the Riksbank, even if the Riksbank did not have a mandate in the areas discussed.

Research has shown that consumer decisions may not always be made based on sound advice and knowledge, but are at times made on impulsive intuition. The key challenge lies in determining how behavioural factors and other factors such as socio-economic and cultural backgrounds, life events and skill levels influence rational decision-making. The wide variation in information needs that arise from differences in prior experience, language and cultural background, current financial situation, and competing demands for consumers' time all pose challenges in the development and delivery of relevant information to consumers. In particular, the most effective means of engaging consumers that have a low level of interest in financial planning needs to be determined. In relation to this, financial service providers need to provide consumers with information that accurately represents the features, risks and returns associated with their products and services and demonstrate integrity and good faith by offering products and services that are appropriate to the customers' financial needs and circumstances. The issue is how a consistent and comprehensive disclosure regime could be established, with the flexibility to apply differentiated rules in response to different situations and circumstances. Finally, disclosure as a consumer protection tool will only serve its purpose if consumers are able to understand the information provided. The challenge is to get the right balance between providing sufficient information to consumers to make informed choices, with the information being clear, concise and effective. The increase in the number of delivery channels has not resulted in an equitable expansion in the access to financial services.