The past week of Swedish politics has been a mysterious case of a dog that should have barked, but then simply didn’t. In a barely covered press release, the Riksbanken — Sweden’s central bank — announced that it had lost some 44 billion kr (£3.2 billion), and needed that much money from the state in order to return to the minimal level of capitalisation stipulated by the law. For a small country such as Sweden, this is a very large sum: it represents fully half of what the state spent on defence during the 2023 fiscal year. The reasons for...
