Stefan Ingves
SwedenBiography of Stefan Ingves
Stefan Nils Magnus Ingves is a Swedish banker, economist, and civil servant. He is currently serving as the Governor of the Swedish central bank, Sveriges Riksbank. Ingves is of Swedish and Finnish descent.
Education
In 1984, Ingves received his Doctorate in Economics from the Stockholm School of Economics. Prior to this, in 1976, he earned his Master's degree in Economics and Entrepreneurship from the same institution. While working on his dissertation, Ingves worked as a lecturer at his alma mater.
Career
In 1984, Ingves became the Vice President of the Central Group for Funds and Finance at Svenska Handelsbanken. He held this position for a short period and in 1987, he became the President of the Stockholm Stock Exchange. In 1988, Ingves became the Deputy Minister for Financial Markets and Institutions at the Swedish Ministry of Finance. During this time, he also served on the Swedish National Debt Office, the Stockholm Stock Exchange Council, and the Swedish Securities Center. He held these leadership positions for four years until 1992.
In 1993, Ingves was appointed as the CEO of the Swedish Bank Support Committee. A year later, he became the Deputy Governor of Sveriges Riksbank. In 1999, Ingves became the Director of the Monetary and Financial Systems Department at the International Monetary Fund. In 2006, he became the Governor of Sveriges Riksbank.
Contributions
During the global financial crisis in 2008, Ingves called for the collaboration of all central banks to tackle the instability and turmoil. As a result, three central banks in the region came to the aid of Iceland's banking and financial system, providing a bailout of 1.5 billion euros. In the same year, Ingves announced his plans to address the challenges of macroeconomic savings and financial stability.
In 2009, under Ingves' leadership, interest rates at the bank reached a historically low level of 1 percent. This was the first time in the history of Swedish banks, dating back to 1907, that such rates were implemented. Ingves also held several important positions in major financial organizations, including being a member of the Governing Council of the European Central Bank, a member of the Board of Directors of the Bank for International Settlements, and the Executive Director for Sweden at the International Monetary Fund.
Personal Life
Alongside his leadership roles, Ingves is an active writer. He has published over 50 articles in three different languages, mainly focusing on topics related to his professional expertise. His articles discuss financial crises in general, northern bank crises in particular, large bank management, and various aspects of trade credit. Ingves is married and has three children.
