economy

Krona in ten year high against euro

The Swedish krona reached its highest level in a decade against the euro on Wednesday, according to the news agency AP. Around lunchtime one euro would only buy 8,8347 crowns. Only in the last year, the euro has fallen 14 % against the krona.

Speculation about an increase in the European debt crisis is one possible reason for this, but the strength of the Swedish economy is another. Here, the local interest has been increasing to keep up with the growth figures after the 2008 global financial crisis.

Today the Swedish government was praised in Brussels as being the best in class when it comes to keeping the public finances in order. "I would like to cite Sweden as the prime example in this regard, EU's financial commissioner Olli Rehn told reporters at a press briefing.

But for Swedish export companies the strong krona is eating into the profit, as they will be paid less for their goods. The euro-countries represent 40 % of the Swedish export.