The collapse of several U.S. banks has led to market turmoil and speculation about a new financial crisis. But according to financier Christer Gardell, this week's drama is an inflated story.
"I see it as isolated events, with limited risk of spread. The stock market always overreacts when there are dramatic events, that's how the market works now. But you forget this and then you move on," he says in SVT's Ekonomibyrån.
Gardell does not believe in a major crisis but believes that the stock market will be turbulent for a couple of years.
"The big European and American banks look strong. But the tech bubbles and crypto bubbles need to be removed. They have fallen about 60 percent but have to go 100 percent. That could happen in the coming years, he says.
"Be vigilant"
Henrik Braconier, chief economist at the Swedish Financial Supervisory Authority, also believes that more crises may be on the way.
"I think there will be more bubbles bursting. But as long as they are small and as long as reasonable safeguards are taken, it does not have to lead to a financial crisis. But we have to be vigilant, because we don't have an eye on all the bubbles," he says.
Henrik Braconier also does not believe that we are heading for a new financial crisis. According to him, it is instead a period of adaptation.
"More business models have stopped working. For example, crypto and various forms of venture capital companies. These are models where you have taken a big risk to make a lot of money and then you can get stuck in a situation now, when interest rates are rising, where you have big problems," he says.
Watch Ekonomibyrån's latest episode Bank crisis in replay on SVT play.