Sweden and the euro

Sweden and the euro

Sweden does not use the euro as its currency and has no plans to replace the krona.

Sweden joined the European Union in 1995 and its accession treaty obliged it to join the euro. However, one of the requirements for eurozone membership is two years' membership of ERM II, and Sweden has chosen not to join. While there is government support for membership, all parties have pledged not to join without a referendum in favour of doing so.

Despite this, the euro can be used to pay for many goods and services in Sweden.

2003 referendum

A referendum held in September 2003 saw 56.1% vote against membership. As a consequence, Sweden decided in 2003 not to adopt the euro for the time being. Had they voted in favour, Sweden would have adopted euro on 2006-01-01. [ [http://www.riksbank.se/templates/speech.aspx?id=8127 Sveriges Riksbank/Riksbanken - Heikensten: The Riksbank and the euro ] ]

Future plans

Most major political parties in Sweden, including the governing Alliance for Sweden (except the Centre Party), which won the 2006 election and the former governing Social Democratic party, are in principle in favour of introducing the euro. The "Alliance for Sweden" has stated they will not rerun the referendum, or even set a date for a rerun in their first term (which lasts until 2010).fact|date=July 2008. Furthermore, as a result of negative poll results, the prime minister has said that a referendum is unlikely at all until there are positive polls, although he also said that when more neighbours use the euro, it will be more visible that Sweden doesn't. cite web |url=http://www.aftonbladet.se/nyheter/article1377536.ab |title= Glöm euron, Reinfeldt| publisher=Aftonbladet | date=2007-12-02 | accessdate=2008-07-19]

As a result of this, unlike most other member states that do not use the euro, Sweden has no set timetable for adoption.

On 24 October 2006, EU monetary affairs commissioner Joaquin Almunia stated that the European Union could theoretically take Sweden to court for not joining the euro despite meeting all the economic criteria, but that such an action would be neither necessary nor desirable currently.

Since the 2003 referendum, all opinion polls have shown a clear rejection of the euro, with around 50% of respondents saying "no", 40% "yes" and 10% uncertain. A typical poll from late November 2007 saw 52% against and 39% in favour, [cite web | url=http://english.people.com.cn/90001/90777/6313563.html | title=Majority of Swedes remain opposed to euro | publisher=China People's Daily Online | accessdate=2007-12-03] and one from December saw 50.8% against and 35% in favour. [cite web | url=http://www.eubusiness.com/news-eu/1197975727.4 | title=Narrow majority of Swedes opposed to euro | publisher=EUbusiness | accessdate=2007-12-18]

The Sydsvenska Dagbladet reported on 26 November 2007 (a few days after the Danish Prime Minister, Anders Fogh Rasmussen, had announced plans to hold another referendum on abolishing Denmark's opt-outs including the opt-out from the euro) that the question of another euro referendum would be one of the central issues of the 2010 election in Sweden. [cite web | url=http://europe.courrierinternational.com/eurotopics/article.asp?langue=uk&publication=26/11/2007&cat=ECONOMY&pi=1 | publisher=Courrier international | title=Denmark and Sweden on the path to the euro? | accessdate=2007-11-26 ] Swedish politician Olle Schmidt in an interview with journalists from the European Parliament when asked when Sweden will have good reasons to adopt the euro, he said "When the Baltic countries join the Euro: the whole Baltic Sea will be surrounded by Euro coins. Then the resistance will drop. I hope for a referendum in Sweden in 2010." [cite web | url=http://www.europarl.europa.eu/news/public/story_page/043-32905-182-06-27-907-20080627STO32879-2008-30-06-2008/default_en.htm | title=The strengthening Euro - is it good or bad for Europe's economy? | accessdate=2008-07-03 | publisher=European Parliament]

Swedish euro coins

There are no designs for Swedish euro coins. It was reported in the media that when Sweden changed the design of the 1-krona coin in 2001 it was in preparation for the euro. A newer portrait of the king was introduced. The 10-krona coin already had a similar portrait. This in fact is from a progress report by the Riksbank on possible Swedish entry into the euro, which states that the lead in time for coin changeover could be reduced through using the portrait of King Carl XVI Gustaf introduced on the 1 and 10 krona coins in 2001 as the national side on Swedish 1 and 2 euro coins [ [http://www.riksbank.com/upload/Dokument_riksbank/Kat_publicerat/Rapporter/Lagesrapport7eng.pdf Nr 7 eng ] ] .

Only the national banks can manufacture valid coins by the law of Sweden. Some private collection mint companies have produced Swedish euro coins, claiming that they are copies of test coins made by the Riksbank, but this is not true and they have nothing to do with Swedish euro coins, which do not exist [ [http://www.eurocoins.co.uk/sweden.html Private company] ] . Swedish euro coins will not be designed or issued without a firm timetable for adoption.

See also

* Denmark and the euro
* United Kingdom and the euro


External links

* [http://www.riksbank.com/templates/Page.aspx?id=10590 Central bank] en icon
* [http://www.riksbanken.se/templates/Page.aspx?id=9090 Central bank] sv icon

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