Kerstin af Jochnick, who became first deputy governor at the Riksbank at the beginning of 2012, used her first public address since taking on the role to address the key factors that influence her view of monetary policy and financial stability.

One issue she immediately noted was that Sweden "has become increasingly dependent on what happens abroad".

How the debt crisis in Europe is managed therefore was, she said, "the most important factor for economic activity and monetary policy in the