It’s been a rough seven years or so for the euro (EUR). Since the end of 2012, EUR has fallen 17% versus the US dollar (USD). As bad as that is, it’s much better than the Swedish krona (SEK), which, over the same period, slid 21% versus EUR and 34% versus USD. SEK hasn’t traded this low versus EUR since the depths of the financial crisis in early 2009 (Fig.1). Currently, SEKEUR is about 15% below its average level of the past two decades since EUR came into existence.