Per Åsberg Sommar on the State of the Riksbank and Operating Systems Around the World

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  Welcome to Macro Musings,

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  where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past,

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  present, and future.

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  I am your host, David Beckworth,

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  a senior research fellow with the Mercatus Center at George Mason University,

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  and I'm glad you decided to join us.

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  Our guest today is Per Osbury-Somar.

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  Per is a senior advisor in the market's department at the Swedish central banks,

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  the Reichsbank, and currently is working in the research division.

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  Per joins us today to discuss the Reichsbank, its operating system,

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  and the broader push among some central banks towards demand-driven operating systems.

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  Per, welcome to the show.

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  Thank you very much.

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  I'm very glad to have me here.

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  Well,

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  it's great to have you on and I have to tell the listeners the backstory to getting you on the program So I was having a conversation with our friend Bill Nelson who you also know and another friend Stephen Kelly and we were discussing Operating Systems at Central Banks online via email and we started talking about the Rex Bank and particularly this new deposit facility that you have there where banks have to put some of their deposits and earn 0% interest as a way to build up the capital of the bank should it be needed.

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  And it was really interesting.

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  So we were debating, well, is this purely just to build the equity up?

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  Or is it also to find a way to replace the currency franchise?

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  And so Bill Nelson said, well, let's just ask the person who knows this.

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