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Usage stats on Nordic Monetary Union (Twilight of a New Era)

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The Scandinavian countries where greatly affected by the lack of credit and loans. After the crisis it was difficult to boast their national economies. Public spending and investment was becoming the only viable policy implemented by most social democratic and agrarian governments in Scandinavia and Estonia. The funding of unemployment benefits, new state welfare services, agricultural subsidies and rural poverty relief produced a rare consensus in all governments. The new consensus was the need to control credit, secure loans and an expansionary monetary policy to create demand and fund public spending.

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