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This technical note looks at the systemic risks stemming from the potential issuance of Central Bank Digital Currency (CBDC) in Sweden, as well as the growing significance of the Fintech sector. The Riksbank has been one of the pioneers in the analysis of CBDC, has recognized risks, and has put in place a plan to mitigate them. The Riksbank committed to an e-krona design that fulfils the “do no harm” principle; that is, support public policy objectives and do not impede the central banks’ ability to carry out its mandate. While systemic importance of the Fintech sector seems limited, the sector should be monitored closely, as it could grow fast; firms are complex and highly visible. Widening the access to payment services could enhance competition and efficiency of the payment system. The note looks more closely at all risks, starting first with those arising from a domestic only e-krona demand. While scenarios are described separately for expositional purposes, they are not mutually exclusive, and demand for the e-krona can take all the forms underpinning the different scenarios at the same time.

Sweden

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This paper presents the technical note on risk analysis and stress testing for the Sweden financial sector assessment program. Sweden’s financial system has weathered the coronavirus disease 2019 pandemic well. Tighter monetary conditions will test the financial system. High corporate advantage and household debt create structural and cyclical risks to the financial system. Corporate sector and banking system solvency stress tests based on the adverse scenario indicate pockets of vulnerabilities due to exposure to CREs and low risk weight density of banks. The liquidity stress test performed on investment funds points to significant pressures. Given the identified vulnerabilities and shortcomings, several adjustments are recommended to improve monitoring, quantification, and mitigation of risks. Price- and quantity-based measures should be deployed as a second line of defense. Finansinspektionen should provide guidance on liquidity stress tests for the fund industry; develop and adapt the stress-testing framework and monitoring tools to conduct market wide liquidity risk analysis.

Sweden

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National libraries --- Kungliga Biblioteket (Sweden) --- Sweden. --- Sweden

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OECD360 innehåller de senaste analyserna och den senaste informationen från de främsta OECD-publikationerna. Det finns rikligt med grafik som illustrerar viktiga frågor. Utbildning, sysselsättning, grön tillväxt, regionala perspektiv, jordbruk, ekonomisk tillväxt, finanskrisen och dess följder för samhället och utvecklingen: åtta ämnen som sammanfattar läget för Sverige och för det internationella samfundet. Till varje artikel finns två sidor med grafik med OECDinformation från tre diagram i den ursprungliga publikationen och det går även att hämta källdata till varje diagram via Statlinks.

Economics --- Sweden

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Under Action 14, countries have committed to implement a minimum standard to strengthen the effectiveness and efficiency of the mutual agreement procedure (MAP). The MAP is included in Article 25 of the OECD Model Tax Convention and commits countries to endeavour to resolve disputes related to the interpretation and application of tax treaties. The Action 14 Minimum Standard has been translated into specific terms of reference and a methodology for the peer review and monitoring process. The minimum standard is complemented by a set of best practices. The peer review process is conducted in two stages. Stage 1 assesses countries against the terms of reference of the minimum standard according to an agreed schedule of review. Stage 2 focuses on monitoring the follow-up of any recommendations resulting from jurisdictions' stage 1 peer review report. This report reflects the outcome of the stage 2 peer monitoring of the implementation of the Action 14 Minimum Standard by Sweden, which is accompanied by a document addressing the implementation of best practices.

Taxation --- Sweden