Keeping the Krona

We're often told by the likes of Polly Toynbee that we should be more like Sweden. And it has to be said, there are times when this is true.

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.