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The Riksdag Committee on Finance held a hearing on financial stability on 5 February. The Minister for Financial Markets, Per Bolund (MP, the Governor of the Riksbank, Stefan Ingves, the Director-General of Finansinspektionen (FI), Erik Thedéen, and the Director-General of the National Debt Office (Riksgälden), Hans Lindblad, took part in the committee hearing. The hearing can be viewed here.
The Riksbank Governor highlighted household indebtedness as the greatest risk to financial stability and advocated a holistic approach with a combination of measures within several policy areas in order to come to grips with the structural problems on the housing market and mitigate the risk of household indebtedness. An English translation of the presentation can be downloaded here.
The Director-General of Finansinspektionen, Erik Thedéen, said that Sweden has both a high level of indebtedness and a continued growth in debt. He said that it is also important to be alert to other risks than household debt, for example the commercial real estate sector. The slides can be downloaded here.
Sweden is now better prepared for a financial crisis than it was ten years ago, emphasised Hans Lindblad, Director General of the Swedish National Debt Office. He also highlighted the current risks in the Swedish economy; “The risks and vulnerabilities we are now seeing include a sustained high level of risk-taking in global financial markets and a high level of indebtedness of Swedish households. In addition, there are new issues, such as money laundering and cyber threats against the sector, which risk threatening financial stability,” he said.