Sweden edition

Most Swedes favour new vote on the euro

Published: 19 May 09 07:46 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/19528/20090519/

A majority of Swedes, 51 percent, are in favour of holding another referendum on whether or not Sweden should exchange the krona for the common European currency.

Young people hazy about EU elections (9 May 09)
Swedes in favour of joining euro: poll (19 Apr 09)
Swedes to shun EU elections: poll (14 Apr 09)

Support for a new referendum on the euro is equally strong among both men and women, with the greatest level of support, 56 percent, coming from the 16- to 29-year-old age group.

The figures come from a study carried out by the Novus Opinion survey company at the behest of the Liberal Party (Folkpartiet). The results are published in the Dagens Nyheter (DN) newspaper.

“It would be good for Sweden to join euro-area and a new referendum ought to be held as soon as possible,” writes Liberal Party secretary Erik Ullenhag in DN.

“It’s time to listen to the Swedish people and let the question of the euro be asked again.”

Support for a new referendum is spread across the entire political spectrum, even among Social Democratic voters.

Three of four respondents said that a referendum on adopting the euro should be held within the next two years.

The study, which was carried out between May 5th and May 12th, asked respondents, “Do you think that a new referendum on whether Sweden should adopt the euro ought to be held or not?”

Sweden last voted on whether or not to exchange the krona for the euro in 2003, with 56 percent voting to keep the krona, and 42 percent voting in favour of adopting the euro.

TT/David Landes (news@thelocal.se)

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09:17 May 19, 2009 by Keith #5083

I guess that everyone DOES know that a Euro vote is not simply about the currency-but also involves taxes,etc. I support the EU, but do NOT support

destroying 'local culture' which is against one of the founding principles of the EU

Report abuse »

09:24 May 19, 2009 by whattodo?

Surveys conducted by the Liberal party which is in favor and pushing for the EURO, does not justify the predictable idea that "more Swedes are in favor of the Euro. It makes a useful tool to try to win over those that do not understand the actual implications involved in this sell out.

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10:47 May 19, 2009 by life2jib

This is the time of globalization. I think its a better chance to become more unity within the EU and thats why the government should take steps to use UURO instead of crona.

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11:06 May 19, 2009 by Aminzada

I strongly support the Euro to be join as soon as possible , it is better for both people of sweden and the country which give a right grace a among the European countries.

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11:35 May 19, 2009 by adde

We don't need the Euro, we need monetary reform here in Sweden!

"Every country should create its own money, because that is done freely by the government. If you use the US$ or other currencies, you have to export the products of your labor and natural resources to obtain this money. The government can simply create it." - Michael Hudson

"Under a 100% reserve system (such as is now before the U.S. Congress in the "American Monetary Act" sponsored by Dennis Kucinich) the Treasury would create credit and supply banks with the funds to lend out over and above their basic deposit base. The important thing is WHAT the banks lend for, and the terms on which they lend." - Michael Hudson

If Sweden enters the EMU we will become a satellite state. :(

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13:18 May 19, 2009 by Jamtjim

Hang on a second. If you read the article is says that 51% of people interviewed supported a new referendum on the euro. This is a long way from saying that 51% of people want to join the euro.

Maybe the result of such a referendum would be the same as before and the survey caught all the pro euro voters plus a few from the anti euro lot who just wanted to vote no again!

What this survey actually says is that 51% of people interviewed do not trust their government enough to let them make decisions on their behalf.

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14:20 May 19, 2009 by tuerd1982

Culture is very important, but unity and globolization even more important. accepting euro doesn't mean lost culture.

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17:27 May 19, 2009 by Mib

Accepting the Euro means losing the ability to control your own interest rates etc. It is no coincidence that the best performing economies in the EU zone did not have the Euro.

This argument has been brought up due to the strength of the Euro, but that is temporary. Its strength like the Dollar is due to insecurities in other currencies. So, it does not reflect the real state of those economies. Once the credit crunch begins to subside, the Euro will lose its appeal as confidence returns.

This one size fits all mentality works in the US where culturally they are alike from state to state....but in Europe it is very different. The Euro is also determined by the biggest economies within the EU, so the smaller countries like Sweden would not be at the forefront of decisions when Germany/France are in a recession or not. However, I believe the Euro is fantastic for the smaller developing countries that join the EU as it brings confidence and stability. The other benefit is mainly for business, where they can forecast with confidence, whereas the Swedish company I work for has had to raise its prices a few times due to the Euro strength. However, the pros are far outweighed by the cons of having the Euro.

The next step could then be 1 rate of Moms/VAT, set income tax levels, CGT etc...and then you have to ask....what is the point of electing a Government without real power. Because, this is where they eventually want to go. That would be too far and I believe would lead to forms of anarchy. Take away the power of local people to make key decisions and you will create major problems.

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17:37 May 19, 2009 by mkvgtired

Adopting the Euro would mean loosing control of your monetary policy. Each European economy is different. They all have different exports, imports, real estate, and banking structures. Using one currency will undoubtedly cause tension. The fact that interest rates vary between different government securities denominated in Euros proves that each nation's economy is unique and has unique risks. As more and more member states are added Sweden's vote on monetary policy would become more and more diluted if they joined the Euro. Imagine if Iceland or Hungary were using the Euro. Every European nation would have to share the costs of those failures through a devalued currency and higher costs associated with borrowing using Euro denominated debt.

Sweden, do yourself a favor and KEEP the Kroner. If you dont you wont be able to chose the monetary policies that work best for your country, but you will have blanket policies imposed on you.

www.stopkillingourdollar.com

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#10

17:44 May 19, 2009 by Thebinary1

15-29 year-olds are not known for their long-term visionary attributes. The poll is a write-off IMO.

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#11

17:50 May 19, 2009 by mkvgtired

Continued: more diluted if they joined the Euro. Imagine if Iceland or Hungary were using the Euro. Every European nation would have to share the costs of those failures through a devalued currency and higher costs associated with borrowing using Euro denominated debt.

Sweden, do yourself a favor and KEEP the Kroner. If you dont you wont be able to chose the monetary policies that work best for your country, but you will have blanket policies imposed on you.

www.stopkillingourdollar.com

Report abuse »

#12

18:04 May 19, 2009 by DBurman

What is the relationship between the EMU and a nation's culture? Is there any evidence that Finnish culture has suffered by reason of it having joined the EMU? -- or, for that matter, the culture of any member of the EMU. Joining the EMU will bring stability and predictability and there are other ways to preserve Swedish culture.

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#13

18:42 May 19, 2009 by Puffin

A survey on behalf of Folkpartiet???

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#14

22:31 May 19, 2009 by jdemony

I recently read about the history of EMU and learned that, unlike Danemark and the UK, Sweden doesn't have the right not to join the Euro. It should have joined it a long time ago, meaning that Sweden is in a sort of ilegal situation.

But I also felt that this is kind of a delicate issue and you won't read much about it on the news or Eu-related essays...

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#15

23:01 May 19, 2009 by 7

you're referring to the opt out clause in the maastrict treaty that both the UK and denmark included in their agreements. there is no time line requiring sweden to adopt the euro, so no, they are not in any sort of illegal situation. but you are right, most people do not realize that it is only a matter of time for sweden to join the eurozone.

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#16

06:46 May 20, 2009 by benthe

What sort of exchange rate do you think the Kronor will get relative to the euro? 15:1? Whatever it is, it might sway a vote.

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#17

13:29 May 20, 2009 by tartar

Its not an easy transaction into becoming a country using EURO... you need to have a steady inflation rate for 2 years and there are so many things the government to take into consideration before becoming a Euro using nation...

I will be less of a headache when it comes to traveling ( hence the idea of EU formation). We won't have to worry about currency convertion when travelling and be forced to compare the prices during vacations....

Love to have Euro but even if they decide to do it,,,, it will take 2 years to be fulfilled...

:(

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#18

16:20 May 21, 2009 by SadMarvin

One of the things that I remember from Ireland joining the Euro is that so many people used it as an excuse to round up the price of services and products.

But it is very useful when it comes to shopping abroad as you are no longer working out exchange rates in your head.

All these things have pros and cons, the ease of a common currency against the pride of using something that is unique to Sweden.

Report abuse »

#19

00:26 May 22, 2009 by Dagem Hailemariam

benthe the better question is what was the exchange rate when the Euro was first introduced and the vote that happened in 2003...right now its 10.5 to 1 euro.

Report abuse »

#20

12:24 May 30, 2009 by rickingermany

Why do people from the US have to comment on what we do in our countries in Europe? Please stick to your own affairs - you have much to sort out there with child poverty, lack of health care and no jobs!

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