The home market is looking bruised as well. Sweden's property prices have begun to buckle after rising by 175pc since 1996 in a British-style boom. The Riksbank slashed rates to 1pc last week and is openly mulling currency devaluation as well as bond purchases as a part of a radical stimulus. The kronor has fallen nearly 20pc against the euro, helping to cushion the downturn.
"It's been a blessing. This is exactly why a country needs its own currency," said Mr Magnusson.
Quite. You need to have flexibility in an economy and a floating currency is one of the best ways of getting that.