ed 2nd in the world. Sweden is ranked 6th in the IMD Competitiveness Yearbook 2009, scoring high in private sector efficiency. According to the book, The Flight of the Creative Class, by the U.S. economist, Professor Richard Florida of the University of Toronto, Sweden is ranked as having the best creativity in Europe for business and is predicted to become a talent magnet for the world's most purposeful workers. The book compiled an index to measure the kind of creativity it claims is most useful to business—talent, technology and tolerance.
Sweden maintains its own currency, the Swedish krona (SEK), a result of the Swedes having rejected the euro in a referendum. The Swedish Riksbank—founded in 1668 and thus making it the oldest central bank in the world—is currently focusing on price stability with an inflation target of 2%. According to the Economic Survey of Sweden 2007 by the OECD, the average inflation in Sweden has been one of the lowest among European countries since the mid-1990s, largely because of deregulation and quick utilisation of globalisation.
The largest trade flows are with Germany, the United States, Norway, the United Kingdom, Denmark and Finland.
Energy
Sweden's energy market is largely privatized. The Nordic energy market is one of the first liberalized energy markets in Europe and it is traded in NASDAQ OMX Commodities Europe and Nord Pool Spot. In 2006, out of a total electricity production of 139 TWh, electricity from hydropower accounted for 61 TWh (44%), and nuclear power delivered 65 TWh (47%). At the same time, the use of biofuels, peat etc. produced 13 TWh (9%) of electricity, while wind power produced 1 TWh (1%). Sweden was a net importer of electricity by a margin of 6 TWh. Biomass is mainly used to produce heat for district heating and central heating and industry processes.
The 1973 oil crisis strengthened Sweden's commitment to decrease dependence on imported fossil fuels. Since
