Macroeconomic developments in Sweden do not support Mr Münchau’s description. In 2013, when gross domestic product fell in the eurozone, Swedish GDP growth was 1.6 per cent. The economy is expected to grow by about 2.5 per cent in 2014. Employment has been growing steadily by about 1 per cent per year since 2010. Unemployment has been stable around 8 per cent, because labour force participation and the labour supply have also increased (both in absolute numbers and as shares of the population; in contrast to the situation in, for instance, the US). Given the situation in the world economy, this suggests that economic policy has been rather successful. Sweden has recovered after the financial crisis at a pace similar to that in the US, and much faster than in the UK or the eurozone.