Then, at the end of the 1980's, I worked for the ministry of finance and the chief economist, in a återförsäljarfond, which sold the bonds on behalf of the state. I then worked at the Swedish national debt office, which upplåningschef, and the head of department. In the 1990s we had a crisis, when interest rates were around 12 to 13 per cent, followed by the dot com bubble and then the Lehmankraschen.
" If we're not already in a recession, we are going to be there. The risk is that the crisis lasts, the rest of the year. Epidemiologerna mean that the infection has reached a peak in may and June, and then picks up again in the fall. We will have to reckon with a more or less complete shutdown of the economy for the rest of the year.
" What normally happens in this period of economic crisis is that the economy will be stimulated through the implementation of monetary policy. With a low rate of interest, monetary policy will have not have a lot more instruments to use, then it is fiscal policy which is to rely on each other. What is most important in this situation is to understand that it is not a matter of a efterfrågekris. The lower the interest rate, or the tax benefits are not more people going out to a restaurant. The important thing is to make sure that the machinery that we have left, so we don't get a lot of failures.
" There's a lot to be said for this crisis is not going to be as drawn out as the financial crisis. Then, house prices have fallen and people need to build up their savings. The source of the crisis, is now in a completely different way. If the production is left when it is all over, we should be able to see a relatively strong recovery. It comes to have to bite the bullet as long as it lasts.<