Sweden may have one of Europe’s fastest growth rates, but the crown is rising while consumer prices are skirting deflation at the same time as there’s a housing bubble inflating.and household debt remains one of the region’s highest.

So the central bank cutting already-negative interest rates to minus 0.35% is a shock, and the government says it shows its determination to boost inflation to its targeted 2%. It has also increased its bond buying programme by 4.7 billion euros, and says it will intervene on the Forex market if the crown continues to climb.