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Sweden's centre-left government is likely to officially appoint a parliamentary commission on Thursday to examine Swedish monetary policy and scrutinise the Riksbank's targets and tools, its independence, responsibility for financial stability and its role in international organizations such as the IMF.
The Riksbank has been under fire for years for undershooting its 2 percent inflation target. The central bank has slashed interest rates to a record low of -0.50 percent and launched a large-scale quantitative easing programme in a bid to revive inflation. An independent report by former Bank of England Governor Mervyn King and U.S. economist Marvin Goodfriend recommended extensive changes to the central bank framework.
The report suggested the central bank's mandate should include financial stability and recommended that the Riksbank be given more flexibility around its inflation target with a broader focus in times of crisis. The inquiry and legislative changes could shape the Riksbank's monetary policy in the coming decades.
FxWirePro's Hourly Currency Strength Index at 1200 GMT showed EUR strength was at -96.4879 (Slightly bullish). For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
