Today's increase in the policy rate is the seventh in a row and it now stands at 3.5 per cent. This is the highest level in 15 years.
Riksbank Governor Erik Thedéen believes that an increase of 0.5 percentage points was necessary, given inflation:
"We want to see a cooling of the economy because we see that we are so far from the goal. That is why I voted for a double increase," says Erik Thedéen.
But two of the members of the Riksbank's Executive Board disagreed. First Deputy Governor Anna Breman and Deputy Governor Martin Flodén wanted a more modest hike of 0.25 percentage points.
"We should not exaggerate the difference between us on the Executive Board, but they wanted to move more slowly, that is correct," says Erik Thédeen.
"Many have been wrong"
According to some experts, the Riksbank should have had more ice in its stomach and waited for the effects of earlier hikes.
"We could have forced inflation down very quickly if we had gone hard. But we choose not to do that, precisely because we have ice in our stomachs.
However, Erik Thedéen is open to the possibility that the Riksbank may have made the wrong analysis.
"I'm humbled by that. Many, including the Riksbank, have been wrong about inflation developments. But collectively, I end up here," he says.
Watch the clip where Erik Thedéen explains how the Riksbank has reasoned.