from having an exchange of information, for instance with the riksdag committee on finance and the ministry of finance on questions concerning the conditions for monetary policy. the policy rate should be the main tool of monetary policy. asset purchases are particularly effective in financial crises and when markets are not functioning well. references admati, a., m. hellwig and r. portes ( 2023 ), “ letter : the real threat to stability is not from bank runs ”, financial times 19 may 2023. akkaya, y., c. - j. belfrage, p. di casola and i. strid ( 2023 ), “ effects of foreign and domestic central bank government bond purchases in a small open economy dsge model : evidence from sweden before and during the coronavirus pandemic ”, sveriges riksbank working paper series, no. 421. andersson, b., m. beechey osterholm and p. gustafsson ( 2022 ), “ the riksbank ’ s asset purchases 2015 – 2022 ”, no. 2. australian government ( 2023 ), “ an rba fit for the future ”, march 2023. andersson, b., m. jonsson and h. lundvall ( 2020 ), “ the new macroeconomic landscape after the global financial crisis ”, sveriges riksbank economic review 2020 : 1. basel committee on banking supervision ( 2022 ), “ evaluation of the impact and efficacy of the basel iii reforms ”, bank for international settlements. billi, r. and a. vredin ( 2014 ), “ monetary policy and financial stability – a simple story, ” sveriges riksbank economic review, 2014 : 2. bernanke, b. ( 2013 ), “ the economic outlook ”, testimony before the joint economic committee, u. s. congress, washington, d. c. board of governors of the federal reserve system ( 2023 ), “ review of the federal reserve ‘ s supervision and regulation of silicon valley bank ”, 28 april 2023. borio, c. and p. lowe ( 2002 ), “ financial and monetary stability : exploring the nexus ”, bis working paper no. 114. 25 brandao - marques, l., g. gelos, m. narita and e. nier ( 2020 ), “ leaning against the wind : a cost - benefit analysis for an

as the starting point for all capital adequacy regulations is the accounting values. i don't have a clear view of what needs to be done here, but when assets that have been booked at amortised cost have to be sold quickly at a large loss, it can affect the viability of the bank and, ultimately, financial stability, and therefore it is a problem. global rules are important for sweden i would also like to take this opportunity to emphasise the complexity and interdependence of the global financial system. banks are exposed to many risks that can be difficult to both understand and monitor. banks in most countries are also dependent on other banks and other financial institutions. many of these are located in other countries and are therefore supervised in those countries. if problems arise, they spread faster today and to more actors than they did 30 years ago. we saw this clearly in march. the concern created by the banking problems in the united states, which initially concerned a bank smaller than the major swedish banks, caused many international investors to become alarmed and wonder which bank in the world could be next in line. although many of the problems with which credit suisse struggled were not new, uncertainty in the financial markets led to an acute loss of confidence in the bank. this proved devastating for the bank and forced the swiss authorities to act. my conclusion is that it is important 11 for all countries to promote global regulation. swedish financial stability also depends to a large extent on sufficiently strict regulations in other countries. we are all dependent on this. this list of current global regulatory issues is by no means exhaustive. there are other issues that will come up in the debate. for example, the us reports on the events in march point to the effects of insufficient supervision. 13 this raises questions about the mandate and ability of supervisors to actually step in and change banks'decisions. however, it is unclear how this should be done in practice and how far such a mandate should extend. still, some conclusions are already evident today : banks and other financial actors are central to the economy and contribute to better welfare. this is important. at the same time, the banks'activities entail risks. if these problems materialise, they can have major contagion effects and negative external effect on the economy. therefore, legislators and authorities need to try to change the current regulations. the aim should be to ensure that banks have sufficient buffers to prevent problems from arising. the aim should also be to