Riksbank Board Candidates Include Economists, Pension Chief

(Bloomberg) -- Sweden’s central bank started its hunt for a new deputy governor to replace the outgoing Anna Breman, with bank economists, a pension fund chief and the head of an employers’ organization seen as potential picks. 

Breman will leave after nearly six years in the job as she was named the head the Reserve Bank of New Zealand on Wednesday, sparking speculation about who might join Governor Erik Thedeen and three others on the five-member rate-setting board. 

The Riksbank is currently facing a tricky policy challenge. It seeks to bring inflation down from 3% to its 2% target at the same time as it tries to support an economic recovery after a drawn-out downturn. 

While the board has stayed united since April 2023, cracks are now starting to show, with board member Anna Seim entering a reservation against the decision to lower rates to 1.75% on Tuesday. She said she would have preferred keeping the rate at 2%. 

Potential Candidates

Breman served as chief economist at Swedbank AB before joining the Riksbank, leading some economists to suggest that a candidate with a similar profile might be tapped for her job. 

Mattias Persson, the current chief economist at Swedbank, could be a strong candidate given his background working on financial stability at the Riksbank, said Christina Nyman, chief economist at Svenska Handelsbanken AB. The government recently proposed handing more power to the central bank to oversee macroprudential policy, suggesting it might decide to strengthen in that area. 

The Riksbank might also look at current head of the Swedish pension fund AP1, Kristin Magnusson Bernard, said Nyman, an idea also suggested by Danske Bank A/S Chief Economist Susanne Spector. Magnusson Bernard holds a PhD in economics and has previously worked for Nordea Bank Abp and the European Central Bank.

“Her name was the first one that came to mind,” said Nyman, adding that it’s not the first time Magnusson Bernard comes up in deliberations over potential board members. “She has extensive experience in both academia and in practice, with financial stability.”

Spector also mentioned Ann Oberg, the current chief executive of employers’ organization Almega, who has experience as a chief economist and adviser at the finance ministry.

The Riksbank’s general council, a body appointed by parliament, will run the search for Breman’s replacement.

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