Sweden’s central bank: Stockholm syndrome

With these credentials, the two men seemed ideally suited to guide the Riksbank’s policy through the turmoil, says Christian Odendahl, chief economist at the Centre for European Reform. The aftermath of the crisis "was exactly made for these two people on what should be done", he says.

"Sweden has done an experiment the whole world is interested in," Mr Odendahl says. "What should we do when monetary policy should be accommodative but there are financial risks? The Swedish lesson is that tightening policy prematurely isn't the answer."