Separate minute of the Executive Board meeting on 26 August 1999

No. 18

Present:

Lars Heikensten, Chairman
Eva Srejber
Kerstin Hessius
Lars Nyberg
    ---
Johan Gernandt, Vice Chairman of the Governing Council
    ---
Kerstin Alm
Tom Dagne (§2)
Kersti Eriksen
Björn Hasselgren
Åsa Sydén
Michael Wallin

§ 1. Monetary policy decision

Deputy Governor Lars Heikensten stated that the assessment of economic and financial developments in Sweden and elsewhere, the view of inflation prospects and the appraisal of the situation for monetary policy did not currently call for a change in the repo rate.

He therefore proposed the announcement of three consecutive fixed rate repos, each with a duration of one week, at an unchanged rate of 2.90 per cent. The proposed durations were from the 1st to the 8th of September 1999, the 8th to the 15th of September 1999 and the 15th to the 22nd of September 1999.

The Executive Board decided in accordance with the proposal.

The question arose of how members who have entered a reservation at a monetary policy meeting shall have their opinions minuted at the subsequent Executive Board meetings that are not planned to be monetary policy meetings but have a repo rate decision on the agenda.

A need was established to clarify whether and, if so, in what way a Board member's individual standpoint is to be included in the minutes of these intervening Board meetings. The question was also raised of whether a repo rate decision by the Board was needed between the monetary policy meetings or whether the interest rate decisions at those meetings are to apply until further notice. It was decided that Lars Heikensten was to provide the Executive Board with a foundation for a decision on this matter.

This minute was immediately confirmed.