Thedéen: Resilience and payments in a new world order
Erik Thedéen, Governor of Sveriges Riksbank, emphasized the need for cooperation to build resilience against new economic and operational risks. Speaking in Stockholm, he highlighted the importance of secure payment systems and financial stability in a turbulent global environment.
Navigating a turbulent world
Sveriges Riksbank Governor Erik Thedéen addressed the complex and unpredictable international situation, citing Russia's ongoing invasion of Ukraine and escalating conflicts in the Middle East.
These geopolitical developments introduce heightened economic risks, including tariffs, supply chain disruptions, and volatile input prices.
Thedéen stressed the critical need for strategic action and strong societal resilience against such disruptions and crises.
He noted Sweden's stable economy and low national debt provide a solid foundation, but also called for resourceful and innovative companies.
Close cooperation among Nordic, Baltic, and like-minded countries is essential to meet these multifaceted challenges effectively.
Payments as critical infrastructure
Since the 2008 financial crisis, significant measures have strengthened financial system resilience, particularly in the tightly integrated Nordic-Baltic region.
Thedéen highlighted deep cooperation in financial crisis preparedness, including joint exercises in 2019 and 2024, given the interconnected banking systems.
He then shifted to operational preparedness, emphasizing the vulnerability of civilian infrastructure like data centers to physical attacks.
The Riksbank, responsible for payment system resilience since 2023, is working intensively with companies and Nordic neighbors to ensure secure and efficient payments, even in times of crisis or war.
Autonomy is the new security
Thedéen argued that past underinvestment in security has made vulnerabilities visible, particularly dependencies on external infrastructure and innovations.
He stressed that strategic prioritization and investment in domestic solutions are crucial for maintaining competitiveness and reducing reliance on others.
Cooperation within the Nordic region and Europe is key to strengthening autonomy and ensuring societies function even under duress.