‘Sadomonetarism’: Sweden’s Riksbank raised rates at a time of joblessness

Three years ago Sweden was widely regarded as a role model in how to deal with a global crisis. The nation’s exports were hit hard by slumping world trade but snapped back; its well-regulated banks rode out the financial storm; its strong social insurance programmes supported consumer demand; and unlike much of Europe, it still had its own currency, giving it much-needed flexibility.

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