Brussels Economic Forum 2011: extracts from the keynote address by Stefan Ingves, Governor of the Sveriges Riksbank
High level decision-makers, economists and social partners gathered at the Brussels Economic Forum 2011 on 18 May 2011 to debate and exchange ideas on the new era of the EU economic governance.
Stefan Ingves, Governor of the Sveriges Riksbank, the Sweden’s central bank, gave a speech at the Forum. He spoke about the impact of the recent financial crisis on the Swedish economy? and how a number of factors affected the development of the crisis in Sweden. He noted that the sharp decline and subsequent recovery in GDP was in part due to the fact that Sweden is a small, open economy and was therefore strongly affected by the decline and recovery in global trade relative to other countries. In addition, Sweden was able to recover strongly from the crisis as it had strong public finances going into the crisis. The sound public finances in Sweden were in part due to the fiscal policy measures put in place in response to the financial crisis in the early 1990s.