Financial Power

Financial Power in Europe

The Financial Power in Europe

Financial Power in Sweden

In the Swedish Constitution: The Instrument of Government (SFS nr: 1974:152)

Chapter 9 of the Instrument of Government has the headline “Financial power”. Here is the content of Chapter 9:

  • Article 1 provides the following: Rules concerning the right to approve taxes and charges due the State are laid down in Chapter 8. (see more about the Constitution of Sweden here)
  • Article 2 provides the following: State funds may not be used other than as determined by the Riksdag. The Riksdag approves the use of such funds for different purposes by adopting a budget in accordance with Articles 3 to 5. The Riksdag may, however, determine that funds may be employed in accordance with some other procedure.
  • Article 3 provides the following: The Riksdag adopts a national budget for the next following budget year or, if special reasons so warrant, for some other budgetary period. In this connection, the Riksdag determines estimates of public revenue and makes appropriations for specific purposes. Decisions taken in this connection are incorporated in a national budget. The Riksdag may decide that a particular appropriation within the national budget shall be made for a period other than the budgetary period. When adopting a budget under this Article, the Riksdag shall have regard to the need for funds for the defence of the Realm in time of war, danger of war, or other exceptional circumstance.
  • Article 4 provides the following: If time does not permit final adoption of the national budget under Article 3 before the start of the budgetary period, the Riksdag makes appropriations, as required, to cover the period until a budget is adopted for the budgetary period concerned. The Riksdag may authorise the Committee on Finance to take such a decision on the Riksdag’s behalf.
  • Article 5 provides the following: The Riksdag may revise its revenue estimates, alter appropriations already approved, and determine new appropriations for the current budget year in a supplementary budget. (see more about the Constitution of Sweden here)
  • Article 6 provides the following: The Government submits proposals for a national budget to the Riksdag.
  • Article 7 provides the following: The Riksdag may lay down guidelines for a particular activity of the State which cover a period exceeding that to which appropriations for the activity concerned relate, in conjunction with adoption of the budget or in some other context.
  • Article 8 provides the following: Funds and other assets of the State are at the disposal of the Government. This provision does not, however, apply to assets intended for the Riksdag or for authorities under the Riksdag, or which have been set aside in law for special administration.
  • Article 9 provides the following: The Riksdag determines the principles for the administration and disposition of State property as required. The Riksdag may prescribe in this connection that measures of a particular nature may not be taken without the consent of parliament.
  • Article 10 provides the following: The Government may not take up loans or otherwise assume financial obligations on behalf of the State unless authorised by the Riksdag. (see more about the Constitution of Sweden here)
  • Article 11 provides the following: Further rules concerning the competence and responsibilities of the Riksdag and the Government in respect of the adoption of the national budget are laid down in the Riksdag Act and separate legislation.
  • Article 12 provides the following: The Government is responsible for general currency policy matters. Other provisions concerning currency policy are laid down in law.
  • Article 13 provides the following: The Riksbank is the central bank of the Realm and an authority under the Riksdag. The Riksbank is responsible for monetary policy. No public authority may determine how the Riksbank shall decide in matters of monetary policy. The Riksbank has a Governing Council comprising eleven members, who are elected by the Riksdag. The Riksbank is under the direction of an Executive Board appointed by the Governing Council. The Riksdag considers whether the members of the Governing Council and the Executive Board shall be granted discharge of responsibility. If the Riksdag refuses a member of the Governing Council discharge of responsibility he is severed thereby from his appointment. The Governing Council may remove from office a member of the Executive Board only if he no longer fulfils the requirements laid down for performing his duties or if he has been guilty of gross negligence. Rules concerning elections for the Governing Council and concerning the management and activities of the Riksbank are laid down in law.
  • Article 14 provides the following: The Riksbank alone has the right to issue coinage and banknotes. Further rules concerning the monetary and payments system are laid down in law. (see more about the Constitution of Sweden here)
  • Ad Hoc Working Party on JHA Financial Instruments

    This working party was set up in January 2012 to examine the financial instruments relating to the Multiannual Financial Framework in the areas of Justice and Home Affairs.

    More details about Ad Hoc Working Party on JHA Financial Instruments

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