Lennart Erixon highlights the banks’ influence in the e-krona debate
If the e-krona becomes a reality, it could shift the balance of power in Sweden’s monetary system. In an opinion piece in Dagens Nyheter, Lennart Erixon, professor emeritus of economics at Stockholm University, discusses why the move toward digital money has been so slow in Sweden.
Photo: Mostphotos/Roland Magnusson
Together with Samuel Färdow Kazen, Erixon argues that resistance from commercial banks has contributed to delaying the introduction of the e-krona. The authors describe how the strong position of the banking sector has influenced consultation responses and political decisions, and how proposals for central bank digital currency accessible to citizens and all firms have faced opposition despite international initiatives.
Erixon and Färdow Kazen maintain that the issue is about the sovereignty over the monetary system. An e-krona could boost competition, strengthen financial stability, and give the public access to digital money with the same security as cash – a natural step for Sweden, long a frontrunner in monetary innovation.
