Lars Heikensten
Encyclopedia
Lars Johan Heikensten, born 13 September 1950, is a former Governor of Sveriges Riksbank
(Sweden's central bank) and Doctor of Economics
. He is currently executive director of the Nobel Foundation.
Heikensten passed his higher school certificate in Bromma in 1970 and spent one year in High school in Marion, Iowa
, in the United States
, on an AFS International Scholarship. He graduated in economics in 1974 and completed his Doctorate in Economics in 1984 at the Stockholm School of Economics
, where he also worked as a teacher and researcher on growth, labour market and development issues.
In 1984 Heikensten was employed as a chief economist at the Swedish National Debt Office
. From 1985 he was a Director and later Director-General and Head of the Economic Affairs Department at the Ministry of Finance
. During this time he was responsible, amongst other things, for government reports known as the Long-Term Surveys of the Swedish Economy. He became known to a wider public when he around 1990 argued for the need to reform the public expenditure system. Between 1992 and 1995 Heikensten was Chief Economist at Handelsbanken
and a member of the Executive Group for Handelsbanken's investment bank, Capital Markets.
In the autumn of 1995 Heikensten became Deputy Governor of Sveriges Riksbank with particular responsibility for monetary policy
. He retained this position after the reform where the Riksbank became independent and an Executive Board was set up in 1999. He succeeded Urban Bäckström
as Governor of the Riksbank in 2003. During the ten years when Heikensten worked at the Riksbank – from 1995 to 2005 - major changes occurred: the inflation target policy was established and interest rates fell significantly (the repo rate was decreased from 8.91 to 1.5 per cent). At the same time the Riksbank became one of the most transparent central banks in the world. Also, the workforce was drastically reduced (from over 900 to around 400 staff). Heikensten left in 2006 to become the Swedish Member of the European Court of Auditors
, the external auditing organisation of the European Union
located in Luxembourg
.
Heikensten has held many international positions, such as being a member of the EU Monetary Committee, the General Council of the European Central Bank
(ECB) and the Board of Directors of the Bank of International Settlements (BIS), as well as Swedish Governor at the International Monetary Fund
. He has also held many board positions in companies, university departments, "think-tanks" and government agencies. Besides, he has written several books, numerous articles in professional journals and participated actively in the Swedish and European economic policy debate. Since 2007 he has been Chairman of the Swedish Expert Group on Public Economics (ESO).
Heikensten has been a member of the Royal Swedish Academy of Engineering Sciences since 2001, became an Honorary Doctor of Economics at Umeå School of Business
in 2005 and has been awarded the H. M. The King's Medal
at the highest level.
Sveriges Riksbank
Sveriges Riksbank, or simply Riksbanken, is the central bank of Sweden and the world's oldest central bank. It is sometimes called the Swedish National Bank or the Bank of Sweden .-History:...
(Sweden's central bank) and Doctor of Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
. He is currently executive director of the Nobel Foundation.
Heikensten passed his higher school certificate in Bromma in 1970 and spent one year in High school in Marion, Iowa
Marion, Iowa
Marion is a city in Linn County, Iowa, United States. The population was 26,294 at the 2000 census and was estimated at 32,172 in 2007. The city is part of the Cedar Rapids Metropolitan Statistical Area.- History :...
, in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, on an AFS International Scholarship. He graduated in economics in 1974 and completed his Doctorate in Economics in 1984 at the Stockholm School of Economics
Stockholm School of Economics
The Stockholm School of Economics or Handelshögskolan i Stockholm is one of Northern Europe's leading business schools. Its Masters in Management program is ranked no. 2 in Northern Europe and no. 13 in Europe by the Financial Times...
, where he also worked as a teacher and researcher on growth, labour market and development issues.
In 1984 Heikensten was employed as a chief economist at the Swedish National Debt Office
Swedish National Debt Office
The Swedish National Debt Office founded by the Riksdag of the Estates in 1789, is a Government agency in Sweden. The first task of the Debt office was to finance the War against Russia started by King Gustav III....
. From 1985 he was a Director and later Director-General and Head of the Economic Affairs Department at the Ministry of Finance
Ministry of Finance (Sweden)
The Ministry of Finance is a Swedish government ministry responsible for matters relating to economic policy, the central government budget, taxes, banking, security and insurance, international economic work, central, regional and local government....
. During this time he was responsible, amongst other things, for government reports known as the Long-Term Surveys of the Swedish Economy. He became known to a wider public when he around 1990 argued for the need to reform the public expenditure system. Between 1992 and 1995 Heikensten was Chief Economist at Handelsbanken
Handelsbanken
Svenska Handelsbanken AB is a Swedish bank.-History of Svenska Handelsbanken:The history of Svenska Handelsbanken goes back to 1871 when a number of prominent companies and individuals in Stockholm's business world founded Stockholms Handelsbank...
and a member of the Executive Group for Handelsbanken's investment bank, Capital Markets.
In the autumn of 1995 Heikensten became Deputy Governor of Sveriges Riksbank with particular responsibility for monetary policy
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
. He retained this position after the reform where the Riksbank became independent and an Executive Board was set up in 1999. He succeeded Urban Bäckström
Urban Bäckström
Urban Bäckström is a Swedish economist who is the current CEO of the Confederation of Swedish Enterprise. He is a former Governor of the Bank of Sweden.-Personal:...
as Governor of the Riksbank in 2003. During the ten years when Heikensten worked at the Riksbank – from 1995 to 2005 - major changes occurred: the inflation target policy was established and interest rates fell significantly (the repo rate was decreased from 8.91 to 1.5 per cent). At the same time the Riksbank became one of the most transparent central banks in the world. Also, the workforce was drastically reduced (from over 900 to around 400 staff). Heikensten left in 2006 to become the Swedish Member of the European Court of Auditors
European Court of Auditors
The Court of Auditors is the fifth institution of the European Union . It was established in 1975 in Luxembourg to audit the accounts of EU institutions...
, the external auditing organisation of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
located in Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
.
Heikensten has held many international positions, such as being a member of the EU Monetary Committee, the General Council of the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
(ECB) and the Board of Directors of the Bank of International Settlements (BIS), as well as Swedish Governor at the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
. He has also held many board positions in companies, university departments, "think-tanks" and government agencies. Besides, he has written several books, numerous articles in professional journals and participated actively in the Swedish and European economic policy debate. Since 2007 he has been Chairman of the Swedish Expert Group on Public Economics (ESO).
Heikensten has been a member of the Royal Swedish Academy of Engineering Sciences since 2001, became an Honorary Doctor of Economics at Umeå School of Business
Umeå School of Business
The Umeå School of Business, USBE, or Handelshögskolan i Umeå, is a collegiate business school at Umeå University in the north of Sweden. About 2000 students currently study at USBE. The School offers four Bachelor programs, seven Master's degree programs, EMBA-Prague program and doctoral programs...
in 2005 and has been awarded the H. M. The King's Medal
H. M. The King's Medal
H. M. The King's Medal , earlier known as the Court Medal , is an honour that may be bestowed on Swedish citizens.-Honour:...
at the highest level.