There has been a whiff of self-satisfaction across the Nordic region for much of the past 12 months as it appeared the worst of the global financial crisis would leave northern European states largely unscathed.

While other countries launched bank rescues, none of the Scandinavian banks appeared to need bailing out. There was no property market boom turning to bust and no looming exposure to noxious financial instruments overseas. Furthermore, both exports and domestic consumption looked relatively sturdy.