(11)On 23 February 2018, ESMA sent the Commission its opinion setting out that Swedish Finansinspektion had taken into consideration all the elements and criteria included in Article 20(3) of Regulation (EU) 2016/1011 and that it had provided quantitative data to support the case for the recognition of STIBOR as a critical benchmark, as well as analytical reasoning highlighting the crucial role of STIBOR in the Swedish economy.