Riksbank told to stop ‘leaning against the wind' by national forecaster

Report from arm of Swedish Treasury calls monetary policy ‘blunt' tool for curbing debt levels


Sveriges Riksbank's policy of ‘leaning against the wind', whereby it uses its benchmark interest rate to curb household debt growth, has drawn fire from Sweden's National Institute for Economic Research (NIER), an arm of the Swedish Treasury.

A report published by the NIER yesterday describes the repo rate, the Riksbank's principal instrument for managing short-term interest rates, as a "blunt instrument for managing debt levels". It adds, moreover, that "substantial changes" in the level of the

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