{"id":550,"date":"2012-06-28T10:43:14","date_gmt":"2012-06-28T10:43:14","guid":{"rendered":"http:\/\/www.thebizsense.com\/views\/?p=550"},"modified":"2012-06-29T08:56:22","modified_gmt":"2012-06-29T08:56:22","slug":"lessons-from-the-sauna-club","status":"publish","type":"post","link":"https:\/\/www.thebizsense.com\/views\/business\/lessons-from-the-sauna-club","title":{"rendered":"Lessons from the Sauna Club"},"content":{"rendered":"<div id=\"attachment_551\" style=\"width: 458px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/www.thebizsense.com\/views\/files\/2012\/06\/sauna.448.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-551\" class=\"size-full wp-image-551\" title=\"The Sauna Club\" src=\"http:\/\/www.thebizsense.com\/views\/files\/2012\/06\/sauna.448.jpg\" alt=\"The Sauna Club\" width=\"448\" height=\"225\" srcset=\"https:\/\/www.thebizsense.com\/views\/files\/2012\/06\/sauna.448.jpg 448w, https:\/\/www.thebizsense.com\/views\/files\/2012\/06\/sauna.448-300x150.jpg 300w\" sizes=\"auto, (max-width: 448px) 100vw, 448px\" \/><\/a><p id=\"caption-attachment-551\" class=\"wp-caption-text\">The Sauna Club<\/p><\/div>\n<p>Investor attention now is focused on the \u201cPigs\u201d \u2013 the member-nations on the periphery of the Eurozone whose debt bubbles threaten to explode and fragment the currency union.<!--more--><\/p>\n<p>In lost jobs, destroyed businesses and higher taxes, the peoples of those temperate lands on the coasts of the Med and the Atlantic are starting to pay the price for decades of self-indulgence, and face years of stiff repayments still to come.<\/p>\n<p>But Europe has another periphery, up north, where a harsher climate seems to have bred resilience and adaptability. Countries stretching from the border of Russia to the Arctic approaches \u2013 let\u2019s call it the Sauna Club \u2013 have already matched up to their crises.<\/p>\n<p>Their recent experiences offer interesting lessons, even role models, for the garlic-and-Guinness belt.<\/p>\n<ul>\n<li>Sweden is a role model for how governments should manage a financial crisis and reform an over-generous state. Its finance minister is now the most respected in the whole of Europe.<\/li>\n<li>Estonia is also a role model &#8212; for how a debt-bloated nation can take the pain, suffer the austerity, and kick-start economic recovery.<\/li>\n<li>Iceland is a fascinating example of how a tiny country that got in a terrible mess, with no outside support on offer, can ride out a crisis without buckling under to bullying from powerful, angry creditors.<\/li>\n<li>Finland shows how an economy hit hard by global recession can fight back and re-shape itself\u2026 as it has done before.<\/li>\n<li>Denmark is an example of how a small nation can gain the confidence of global investors to such an extent that it can borrow from them at way below the cost to major nations such as the US and Germany.<\/li>\n<li>Norway is a different kind of model \u2013 how to harness an abundance of energy resources to provide long-term for a continuing prosperous future.<\/li>\n<\/ul>\n<p>These six nations, plus the Danish territory of Greenland, encompass 27 million people living in some of the world\u2019s most progressive societies, with a combined economic output of $1.7 trillion a year, average incomes two-fifths higher than Germany\u2019s, and considerable natural and human resources.<\/p>\n<p>If they were united in a single economic union \u2013 as all except Estonia once were, in the 16th century \u2013 they would be one of the world\u2019s dozen biggest economies. And perhaps they could be. The Swedish historian Gunnar Wetterberg has been advocating their reunification in a pan-Nordic federation under a single monarch, Denmark\u2019s Queen Margrethe.<\/p>\n<p>But for the moment the Sauna Club consists of independent entities that work well together, sharing much linguistically, culturally and socially, and offering some interesting lessons for other nations.<\/p>\n<p>Four of them \u2013 Denmark, Finland, Norway and Sweden \u2013 have for many years been listed as among the world\u2019s best in respect of economic freedom. Despite high tax rates, they are far ahead on other measures such as absence of trade barriers, ease in starting up a new business, and rule of law.<\/p>\n<p>Once the global models for welfare states, they are now models for how to curb entitlement mentality fostered by over-generous welfare, embracing market-based reforms from profitmaking free schools to tough welfare-to-work rules.<\/p>\n<p>The Sauna Club has lessons for the southern periphery, not only for dealing with the immediate problems of excessive debt, but also with the long-term distortions brought about by welfare, jobs, over-generous pensions, subsidies and other benefits provided by the state.<\/p>\n<p>Sweden was an early leader in welfare reforms, slashing housing subsidies, introducing a private option for health insurance and a voucher system to provide parental choice in education.<\/p>\n<p>When it suffered its own banking crisis in the Nineties, which saw interest rates soar at one point to 500 per cent, its government did not flinch from tough action.<\/p>\n<p>It announced a state guarantee for all depositors and investors in banks (except for shares and subordinated debt) to restore confidence; nationalized the two worst, leaving their shareholders penniless, ring-fencing their dodgy assets in \u201cbad banks\u201d that then pursued debtors ruthlessly; and injected government cash into the sounder banks that found it difficult to raise private capital.<\/p>\n<p>Eventually restored to profitability, the nationalized banks were sold back into private ownership. The bail-out ended costing less than 2 per cent of one year\u2019s economic output. More importantly, the foundation was laid for economic recovery.<\/p>\n<p><strong>Members of the Sauna Club<\/strong><\/p>\n<p><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>Sweden\u00a0\u00a0 Denmark\u00a0\u00a0 Finland\u00a0\u00a0 Norway\u00a0\u00a0 Estonia\u00a0\u00a0 Iceland<\/strong><\/p>\n<p><strong>Economy\u2019s size \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 575\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 344\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 264\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 486\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14<\/strong><\/p>\n<p><strong>GDP $ bn forecast for 2012<\/strong><\/p>\n<p><strong>Income per person\u00a0\u00a0 60,000\u00a0\u00a0\u00a0\u00a0\u00a0 61,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 49,000\u00a0\u00a0\u00a0\u00a0 97,000\u00a0\u00a0\u00a0\u00a0 17,000\u00a0\u00a0\u00a0\u00a0 41,000<\/strong><\/p>\n<p><strong>$ forecast for 2012<\/strong><\/p>\n<p><strong>Population\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9.6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.3<\/strong><\/p>\n<p><strong>Millions<\/strong><\/p>\n<p><strong>Public debt\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 41%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 47%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 45%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 48%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 124%<\/strong><\/p>\n<p><strong>Relative to GDP, 2010<\/strong><\/p>\n<p><strong>Bond rating\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 94\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 109\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a081\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 67\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 n\/a\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24<\/strong><\/p>\n<p><strong>Ten-year sovereign bond<\/strong><\/p>\n<p><strong>index (Germany = 100)<\/strong><\/p>\n<p>Before and after the global debt crisis erupted in 2007, Sweden pursued policies oriented towards financial responsibility and promoting economic growth \u2013 scrapping some taxes, cutting others, thus creating 100,000 jobs; privatizing state-owned companies; giving employers the flexibility to lay off workers in bad times; trimming welfare costs to keep them in balance with available income; introducing choice and competition in healthcare and education.<\/p>\n<p>Finance minister Anders Borg says the main lessons for dealing successfully with the fiscal crisis produced by recession are: cut quickly (don\u2019t delay the pain, as the UK and others are doing), dare to slash the biggest expenses such as social benefits and pensions, ensure that the rich bear more of the burden, reform welfare to make work pay\u2026 and brace yourself for a political backlash.<\/p>\n<p>That\u2019s why Sweden has emerged so well from the global crisis. By European standards, its economy is a picture of health &#8212; still growing at the same rate as Germany\u2019s, unemployment well below the European average, a balanced budget and a big foreign trade surplus.<\/p>\n<p>At a time when there is increasing shareholder anger in other countries over the bloated pay given to corporate executives, it\u2019s notable that in Sweden they\u2019re paid much less (on average about 20 per cent below their British counterparts, for example), although they\u2019ve delivered much higher returns, and there is no sign that relatively low pay drives them abroad to seek better jobs elsewhere.<\/p>\n<p>read the next article &#8211; <a title=\"Tackling the crisis head-on\" href=\"http:\/\/www.thebizsense.com\/views\/tackling-the-crisis-head-on\" target=\"_blank\">Tackling the crisis head-on<\/a><\/p>\n<p>CopyRight \u2013 OnTarget 2012 by Martin Spring<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investor attention now is focused on the \u201cPigs\u201d \u2013 the member-nations on the periphery of the Eurozone whose debt bubbles threaten to explode and fragment the currency union.<\/p>\n","protected":false},"author":1,"featured_media":551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"amazonpipp_noncename":"","amazon-product-isactive":"","amazon-product-single-asin":"","amazon-product-content-location":"","amazon-product-content-hook-override":"2","amazon-product-excerpt-hook-override":"3","amazon-product-singular-only":"","amazon-product-amazon-desc":"","amazon-product-show-gallery":"","amazon-product-show-features":"","amazon-product-newwindow":"2","amazon-product-show-list-price":"","amazon-product-show-used-price":"","amazon-product-show-saved-amt":"","amazon-product-timestamp":"","amazon-product-new-title":"","amazon-product-use-cartURL":"","amazon_featured_post_meta_key":"","_amazon_featured_alt":"","amazon-product-template":"","footnotes":""},"categories":[1,165,103,8,15,164,3,163],"tags":[111,109,42,12,166],"class_list":["post-550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-denmark","category-europe","category-featured","category-finance","category-finland","category-investments","category-sweden","tag-111","tag-debt","tag-eurozone","tag-investors","tag-scandinavia","has_thumb"],"yoast_head":"<title>Lessons from the Sauna Club - TheBizSense Views<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebizsense.com\/views\/business\/lessons-from-the-sauna-club\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lessons from the Sauna Club - TheBizSense Views\" \/>\n<meta property=\"og:description\" content=\"Investor attention now is focused on the \u201cPigs\u201d \u2013 the member-nations on the periphery of the Eurozone whose debt bubbles threaten to explode and fragment the currency union.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.thebizsense.com\/views\/business\/lessons-from-the-sauna-club\" \/>\n<meta property=\"og:site_name\" content=\"TheBizSense Views\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/TheBizSense\" \/>\n<meta property=\"article:published_time\" content=\"2012-06-28T10:43:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2012-06-29T08:56:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.thebizsense.com\/views\/files\/2012\/06\/sauna.448.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"448\" \/>\n\t<meta property=\"og:image:height\" content=\"225\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"bizadmin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"bizadmin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.thebizsense.com\\\/views\\\/business\\\/lessons-from-the-sauna-club#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.thebizsense.com\\\/views\\\/business\\\/lessons-from-the-sauna-club\"},\"author\":{\"name\":\"bizadmin\",\"@id\":\"https:\\\/\\\/www.thebizsense.com\\\/views\\\/#\\\/schema\\\/person\\\/0e38449a7d67f896737e4431da086713\"},\"headline\":\"Lessons from the Sauna Club\",\"datePublished\":\"2012-06-28T10:43:14+00:00\",\"dateModified\":\"2012-06-29T08:56:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.thebizsense.com\\\/views\\\/business\\\/lessons-from-the-sauna-club\"},\"wordCount\":1014,\"commentCount\":4,\"image\":{\"@id\":\"https:\\\/\\\/www.thebizsense.com\\\/views\\\/business\\\/lessons-from-the-sauna-club#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.thebizsense.com\\\/views\\\/files\\\/2012\\\/06\\\/sauna.448.jpg\",\"keywords\":[\"2012\",\"Debt\",\"Eurozone\",\"Investors\",\"Scandinavia\"],\"articleSection\":[\"Business\",\"Denmark\",\"Europe\",\"Featured\",\"Finance\",\"Finland\",\"Investments\",\"Sweden\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.thebizsense.com\\\/views\\\/business\\\/lessons-from-the-sauna-club#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.thebizsense.com\\\/views\\\/business\\\/lessons-from-the-sauna-club\",\"url\":\"https:\\\/\\\/www.thebizsense.com\\\/views\\\/business\\\/lessons-from-the-sauna-club\",\"name\":\"Lessons from the Sauna Club - 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