Re: Anti-EU demonstration in Sweden

["Hugh Whinfrey" <econ@xxxxxxxxxxxx>]

Barkley Rosser writes:

>If he says the
>Swedish currency is floating, or at least being allowed to devalue,
>against the euro, I am sure he is correct.  This may mean that my
>remarks vis a vis the Danish krona may be incorrect as well.

The Danish kroner floats in a +/- 2.25% band about 7.46038 DKK/EUR.
This is part of the ERM II mechanism.  The formal announcement is here:
http://www.nationalbanken.dk/4125658C003B5729/FMV/FMDK/?OpenDocument&Pengepolitik&&T61539C961BA9125A4125669D0049D7CA

The precise explanation, in Danish, from the National Bank is here:
http://www.nationalbanken.dk/4125658C003B5729/alldocs/Ferm2_pengepolitik?OpenDocument

>     I also accept his updating that the Swedish economy now
>appears to be slowing down after three years of solid growth.
>This has not yet shown up in the internationally published stats.
>However, I have read of Ericsson's problems.  Is there an explanation
>for these?

For an interesting data point, perhaps a bit singular in nature,
but illustrative of the effect of the combination of the 'strong
dollar', looming global slowdown and to some extent the effects
of the Internet boom (paper usage) on a Swedish company
(pulp & paper) with some very good numbers lately, take a
look at the latest quarterly report from Rottneros.(Main
site: http://www.rottneros.se/). There should be enough there
in the textual portion of the report to get a feel for some of
the current dynamic. The report is here:
http://www.rottneros.se/files/finans_eng/rr_01q1_eng.pdf

(Yes, it's my translation)
Hugh