Governor Urban Bäckström resigns at year-end

The Governor of the Riksbank, Mr Urban Bäckström, informed the Chairman of the Riksbank's General Council, Mr Sven Hulterström, during the Whitsun holiday that he intends to resign at the end of this year. This means that he will leave his post two years before the end of his present term.

"I have now been Governor of the Riksbank for almost a decade and I think that's about enough. So, I've decided not to be available for re-election to a further term," Mr Bäckström said.

"By resigning already at the end of this year - instead of at the end of 2004 - I hope to give my successor plenty of time to manage the issues that may become topical in the coming years. What I have in mind is, for instance, the European Economic and Monetary Union and the consequences of the outcome of a referendum, if any, and the Riksdag's subsequent decision. That leads in my opinion to the best possible continuity," he said.

"Already at this stage I want to take this opportunity to thank the General Council and my colleagues on the Executive Board for fruitful collaboration. I need hardly say I will miss all the Bank's skilful and knowledgeable personnel. I should also like to thank all the journalists, financial market analysts and others interested in socioeconomics who, over the years that I can survey, have followed the Riksbank's work. The attention and interest which the Bank's efforts and decisions have attracted have made it possible to conduct a dialogue with our taskmasters - the people of Sweden - and thereby try to establish an understanding of how monetary policy functions. I have, moreover, seen clear indications of how this attention in its various forms has improved the bank's internal work in an excellent way. Last but not least, I want to underscore the good working relationship I have had with the four finance ministers with whom I have been in touch in their capacity as members of the various governments that have been in office over the years I have worked at the Riksbank."

"I have not yet decided what I shall do after the term of the year. As a member of the Riksbank's Executive Board, I shall be "in quarantine" for up to one year. The General Council is, however, in a position to decide on some shortening of the period if this is deemed to be appropriate. So there will be plenty of time for me to think about the future. But first I shall be devoting the coming seven months to concluding my assignment at the Riksbank," Mr Bäckström said.

There will be an opportunity of putting questions to Governor Bäckström at 11 a.m. today, 21 May, in the Riksbank, 7 Malmskillnadsgatan. Press cards required.