where they have not experienced the same rapid decline in the use of cash. while the value of outstanding cash as a percentage of gdp is just over 1 per cent in sweden, it is 10 per cent in the eurozone and a good 20 per cent in japan. our nordic neighbours are also conducting similar analyses because of a decline in the use of cash. norway and denmark, for instance, have produced reports and analyses on digital central bank money. the bank of england and the bank of canada have published research articles in this field that analyse, for instance, possible motives for central bank digital currencies and their consequences for monetary policy and financial stability. 6 central banks in some emerging market economies have also shown an interest in central bank digital currencies. these countries ’ motives for being interested in central bank digital currency differ somewhat from our own. one motive is that they see the opportunity to broaden access to fundamental financial services to all parts of the population, that is to say, financial inclusion. other arguments concern reducing the use of cash, which may be regarded as costly and risky. they also point to the negative environmental aspects of cash and to the fact that it enables money laundering and makes it easier for the black economy. 7 the work that is done is not solely theoretical. uruguay, for instance, has already carried 5 as the payment market is a natural monopoly with network externalities, it has a strong tendency towards con - centration. for a more detailed description, see ingves ( 2018 ). 6 see, for instance, engert and fung ( 2017 ), davoodalhosseini ( 2018 ), kumhof and noone ( 2018 ) and meaning et. al. ( 2018 ). 7 see, for instance, rogoff ( 2016 ) for a more detailed discussion on problems associated with cash usage. 3 out a successful pilot project with a digital peso. in canada, singapore and the eurozone, prototypes have been produced and tested in limited environments to learn more. 8 the pilot version of the e - krona will be simple, but we are still some time away from a possible launch now that i have explained why we think it is worth analysing an e - krona, i would like to move on to talk a little more about what form it might take. if we construct an e - krona, there are in principle two models we could base it on. in one of them, the e - krona

stefan ingves : introduction on monetary policy speech by mr stefan ingves, governor of the sveriges riksbank, to the riksdag commitee on finance, stockholm, 15 november 2007. * * * what is the objective of the riksbank ’ s monetary policy? to maintain price stability – an inflation rate around two per cent a year? yes, this is of course correct. but behind this wording there lies a deeper meaning – the actual core of the task delegated by the riksdag ( the swedish parliament ) and ultimately the swedish people to the riksbank. because what it is essentially all about is to create the best possible conditions for good and sustainable economic development. and monetary policy contributes to this by keeping inflation low and stable. the inflation target is not merely a target, but also a means. the fact that i as governor of the riksbank have the opportunity to discuss monetary policy with you who represent the riksdag is also important for the prospects of reaching this goal in the best possible way. the riksbank must have support and legitimacy from the people to be able to succeed in its policy. it must therefore be easy to examine how monetary policy is conducted and how well we live up to our principles. the fact that the riksbank governor regularly takes part in these hearings is an important part of this process. our task also means that we must constantly strive to become better at what we do and develop our working methods. we must adapt to new demands from outside and implement changes where we or others find scope for improvement. evaluation and constructive debate contribute to making us better at what we do. my introduction on monetary policy here today will in a way deal with evaluation and development. i shall talk about the contents of our monetary policy report – our view of inflation prospects, the decision at the end of october to raise the repo rate by 0. 25 percentage points and what interest rate policy we believe will be required over the coming years. the report is one of the best tools for examining how well we do our job. but i will also talk about some changes we have made to better meet the requirements made of us, not least in our role as independent authority. because if i summarise what has happened in monetary policy since i was here in february, it is not merely a question of the forecasts and interest rate decisions we have published. we have also made changes in the way we communicate, to become