Stefan Ingves: The Riksbank's measures to mitigate the effects of the corona crisis on the economy

Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, at the Sveriges Riksbank, Stockholm, 3 April 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Accompanying slides of the speech.

These last three weeks have been some of the most dramatic Sweden has experienced in modern times. On 10 March, we told the Parliamentary Committee on Finance that the assessments described in the Monetary Policy Report from February had become entirely irrelevant. We already knew then that the Swedish economy would be affected by the coronavirus. What we did not know, however, was the force and extent of the impact. 

Our message then was that the Riksbank was ready to act to mitigate the negative effects on the economy. Since then, we have spoken to both companies and banks, and we have implemented a number of measures. Today, I'd like to talk about what we have done and how the measures are contributing to the ongoing economic crisis management effort.  

"Everything has changed in two weeks" 

"Everything has changed in two weeks" This was one of the quotes from the companies we have interviewed on account of the corona pandemic.