Riksbank names new governor

Sweden's central bank, the Riksbank, has named Stefan Ingves as its new governor.

Ingves, 52, holds a doctorate in economics and since 1999 has been the head of the department of monetary and financial stystems at the International Monetary Fund.

In making the announcement, Chairman of the Riksbank General Council, Jan Bergqvist, and Vice Chairman, Johan Gernandt, said that Ingves’ “competence and ability are widely recognised”.

“From the beginning of this term as Riksbank Governor he will have a broad and valuable international network of contacts. His experience as Deputy Governor during the latter half of the 1990s guarantees good continuity in the Riksbank’s work,” said the pair.

The appointment has been widely welcomed by analysts and politicians.

Åke Gustafsson, an analyst at Föreningssparbanken, described Ingves as a “solid character” with a good understanding of the Swedish banking system.

The chief economist at union organisation LO, Dan Andersson, said that many people in the banking world have confidence in Ingves, while the chief analyst at SEB, Robert Bergqvist, said that he is seen as being politically neutral.

And that went down well with politicians from the opposition parties, who two weeks ago were quick to criticis the departure of former governor Lars Heikensten, saying it was a political move.

“A good choice,” said the leader of the Christian Democrats, Göran Hägglund.

“He is a person who knows the bank well, has a great deal of knowledge and a broad contact network,” he said.

The Moderate Party leader, Fredrik Reinfeldt, also declared himself to be satisfied with the choice.

“He is knowledgeable and internationally respected,” he said, adding that the appointment will give the bank experience in important areas.

“Ingves is best known for his work with financial stability at the beginning of the 1990s, and with that he brings knowledge which will maybe be most relevant considering the imbalances we see in economies around the world,” said Reinfeldt.

The Local/TT

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