consultation response regarding a new sveriges riksbank act, available in swedish at remissvar angaende en ny riksbankslag ( sou _ 2019 _ 46 ). sveriges riksbank ( 2021a ), supplementary consultation response : judicial inquiry into the proposal for a new sveriges riksbank act and its compatibility with the swedish constitution and european law, available at https : / / www. riksbank. se / globalassets / media / remisser / riksbankens - remissvar / svenska / 2021 / rattsutredning - om - forslaget - till - en - ny - riksbankslag - och - dess - forenlighet - med - svensk - grundlag - och - eu - ratten. pdf. sveriges riksbank ( 2021b ), “ the coronavirus is highlighting the need for flexibility in the new sveriges riksbank act ”, article in the account of monetary policy 2021. 14 waller, c. j. ( 2021 ) “ treasury – federal reserve cooperation and the importance of central bank independence ”, speech on 29 march, available at speech by governor christopher j. waller on treasury – federal reserve cooperation and the importance of central bank independence. wollert, s. ( 2020 ), “ swedish corporate bonds during the coronavirus pandemic ”, staff memo, sveriges riksbank. figures figure 1. the riksbank ’ s independence legislation public authority under the riksdag, not the government eu legislation sveriges riksbank act and ban on instructions goal independence the riksbank ’ s goal instrument independence the riksbank ’ s tools personal independence how members are appointed and dismissed financial independence the riksbanks financing / budget figure 2. clearer independence in sveriges riksbank act 1999 swedish riksdag riksdag committee on finance general council of the riksbank executive board of the riksbank 15 figure 3. lower inflation since the inflation target was introduced cpi, annual percentage change cpif 1981 - 1992 means : 7. 4 std. dev. : 2. 9 1995 - 2021 ( apr ) means : 1. 5 std. dev. : 0. 7 - 4 - 4 source : statistics sweden figure 4. falling real interest rates per cent sweden euro area - 2 - 2 united states united kingdom - 4

speech date : 2021 - 05 - 20 speaker : first deputy governor cecilia skingsley venue : seb ( digitally ) sveriges riksbank se - 103 37 stockholm ( brunkebergstorg 11 ) tel + 46 8 787 00 00 fax + 46 8 21 05 31 registratorn @ riksbank. se www. riksbank. se adapting to new conditions – monetary policy freedom with responsibility * 19 march, 2020. it's 6. 30 am. i am standing waiting for a connecting bus at danvikstull, on my way to the riksbank at brunkebergstorg. the telephone rings. it turns out to be stefan ingves, governor of the riksbank. he says that the federal reserve is offering dollar loans to us and a number of other central banks. we executive board members had already had many conversations both in the office and over the phone during the preceding days. both in sweden and abroad, the pandemic quickly led to a fall in economic activity of historical proportions. it was necessary to ensure as soon as possible that the financial system could manage to maintain credit granting at very low interest rates. a financial crisis on top of a health crisis and the rapidly emerging real economic crisis must be avoided. on the previous thursday, 12 march, the riksbank had decided to offer up to sek 500 billion in loans to swedish banks for onward lending to companies. on 16 march, the riksbank decided to begin broad asset purchases for up to sek 300 billion. and what happened with the dollar loans? the same evening, 19 march, the riksbank was able to publish the information that new dollar loans would be available with effect from the following week. stefan ’ s telephone message was a small, but clear glimpse of light in the first weeks of the pandemic. belonging to the narrow group with back - up from the us central bank, the federal reserve, regarding dollar liquidity was of central importance during the financial turbulence. the riksbank, like other central banks, had taken a number of measures during the coronavirus crisis to manage the economic effects of the pandemic. but the number of measures also raises new questions. i would like to talk about one of * i would like to thank bjorn lagerwall for his help with writing this speech, and emma bylund, charlotta edler, dag edvardsson, frida fallan,