On de-pegging the Krona and allowing it to rapidly depreciate by almost 30%: “The depreciation was the main driving force behind the recovery which started shortly thereafter in 1993. In the years that followed, exports became the engine of the Swedish economy. Between 1992 and 2008, exports roughly doubled as a share of GDP. There is no other period of similar positive export performance in Swedish economic history.”

Also important was an independent monetary policy: “Once the krona was floating, monetary policy was able to focus on domestic conditions. The
Riksbank declared an inflation target in January 1993 to be valid from 1995. The Riksbank gradually lowered interest rates, although critics claimed that the reductions were too cautious. The vicious circle of falling asset prices was arrested. The ensuing fall in interest rates eased the pressure on the banking system, as the economy started to recover. In July 1996, the crisis legislation and the blanket guarantee were abolished.”

This begs the question was nationalisation even considered??

Update: It appears not from his report to the Ntma http://www.ntma.ie/Publications/2009/NAMAsummary.pdf

Notwithstanding that Nama and Nationalisation are not mutually exclusive I’d love to hear him explain why Nationalisation was not considered in his report. Maybe you could ask him the nest time…