Deputy Governor Karolina Ekholm is Secretary of Finance under Magdalena Andersson (S), according to Dagens Industri. Ministry of Finance and the National Bank confirmed this information on Tuesday at lunchtime. The players in the financial markets have already begun to think about who should take over.
– It is desirable to find a person who has extensive experience, communication skills and keen academic and international experience, says Robert Bergqvist, chief economist SEB.
Additionally Patala that the most logical thing is that it is a woman. The government seeks gender parity. In today’s Executive Board are three men and three women.
Karolina Ekholm took the job on the Executive Board 2009th She has always had a greater focus on inflation and inflation expectations than the other Executive Board members and therefore also debated for an expansionary monetary policy, thus low interest rate. She was therefore seen as a dove, unlike hawks who want to keep rates higher.
Despite this, it is not obvious that the Riksbank will act more hawkish when Ekholm leaves. At least not in the short term.
– I see a pretty strong likelihood that Per Jansson go for a rate cut at the next Executive Board meeting. And I think he can get the support of Martin flows and Cecilia Skingsley said Robert Bergqvist, chief economist at SEB.
He thinks that Per Jansson is now “compass” in the Executive Board. Thus the person whose behavior right now is most important for the Riksbank to conduct its monetary policy.
Even Torbjörn Isaksson, chief analyst at Nordea believes that the focus is on how Per Jansson, Cecilia Skingsley would vote if one imagines a scenario where a rate cut are discussed.
“Most likely it will be a person with high academic profile, preferably a woman.”
Danske Bank chief economist Roger Josefsson.
This is the same people who come into focus, whether Katarina Ekholm is there or not, says Torbjörn Isaksson.
He believes that many other SvD Business’ve talked to that it is hard to say who can come in Ekholm’s place, but insists the former Secretary of State Susanne Ackum as a candidate. She has the same profile as Ekholm and have just left the Treasury Department.
Torbjorn Isaksson mentions also NIER Director General Mats Dillén, as a possible candidate.
– He has extensive experience in forecasting and background in financial markets, says Torbjörn Isaksson and believes that the appointment can go pretty fast.
Danske Bank chief economist Roger Josefsson’d rather not speculate on any names, because it historically has often proved to be completely different people than those who speculated about.
– Most likely there will be a person with high academic profile, preferably a woman, he says.
He does not to Ekholm’s defection affect significantly over the next monetary policy meeting, citing that there is some consensus in the bank.
– I am not really worried about that decision at the next meeting will be another now. The Bank has, for example, released household debt when they make decisions.
However, her severance play role in the future when the economic situation changes.
– Possibility’s that we get someone who is not quite as highly advocate an expansive monetary policy said Roger Josefsson.
He would like see someone who is knowledgeable on how financial markets really work. It’s a skill he feels is missing in the Executive Board.
Ekholm is also the member of the Executive Board and as the last few years clearly linked the monetary policy with the value of the krona. She has long talked about the need to counteract a too strong krona. Her defection could strengthen the Swedish krona on margin.
The Finance Committee is in the fall appoint new members to the General Council. They in turn appoints directors to the Riksbank. Most likely, therefore a replacement for Karolina Ekholm to be in place at the earliest to the Bank after next meeting. The next meeting will be held on October 28 and then her chair most likely to stand empty.
Click your way to the right to see the top candidates to take over her place.
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