Reflections on the financial crisis and its aftermath

In this article, Governor Stefan Ingves reflects on the financial crisis and the experiences over the decade that has passed since then. Against a personal recollection of different episodes, Governor Ingves describes the origin of the crisis, how insight into the seriousness of the situation gradually dawned and how the situation became acute in autumn 2008 when the Swedish economy was affected in earnest and the Riksbank's crisis management work began. One aim of the account is to provide an insight into the difficulties of decisionmaking in the midst of a crisis and to stress the importance of being prepared.