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Opposition mounts to euro adoption in Sweden

AFP/The Local · 3 Jun 2010, 14:28

Published: 03 Jun 2010 14:28 GMT+02:00

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A poll published in the newspaper Dagens Industri revealed that 61 percent of those questioned opposed membership of the eurozone, with only 25 percent in favour and 14 percent having no opinion.

The poll, carried out between May 27 and June 1 by the institute Novus Opinion, disclosed a sharp turnarond in public sentiment in the past year.

According to a similar poll conducted in May last year, 49 percent of those questioned backed euro adoption, with 44 percent opposed and 9.0 percent

expressing no opinion.

Results of the latest questionaire showed that the krona is seen as shielding the Swedish economy in a time of global economic crisis.

Thirty-five percent of the respondents believed that the euro would have put Sweden at a disadvantage in the worldwide meltdown that began in late 2008, against 21 percent who said the single currency would have been beneficial.

Sixteen percent had no opinion on the question and 27 percent held that the euro would have made no difference.

But Swedish business leaders appeared to take a more favorable view of the euro, with only 40 percent voicing opposition to its adoption.

Story continues below…

Business leaders however represented only 5.7 percent of those questioned, according to Novus Opinion.

Sweden fell into recession during the crisis before returning to growth in the second quarter of 2009.

The economy expanded a stronger-than-expected 1.4 percent in the first quarter of 2010.

AFP/The Local (news@thelocal.se)

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Your comments about this article

15:28 June 3, 2010 by calebian22
With yesterday's story about grooming the Balkan countries for eventual EU membership, is this really a surprise that historically cautious Swedes are rightfully worried about the strength of the euro?
15:56 June 3, 2010 by zircon
Or just wait for the Neuro.
16:52 June 3, 2010 by hpunlimited
Sweden is very lucky that they never adopted the EUR currency. Sweden comes out of the financial crisis of 2008-2009 with the strongest economy in Europe because of it.

Swedens economy is one of the best in its history right now, because they use their SEK-crowns. With only a national debt of 39% of GDP(USA has 91% of GDP for example).
16:56 June 3, 2010 by BCR
Given that the euro is almost at parity with the krona, it would make sense for businesses to adopt it compared with the same situation 5 or 6 years ago.
20:35 June 3, 2010 by bbeynch
After the Greek experimental socialist debacle, parasiting on the backs of northern Europe, no wonder. I suggest Sweden puts any further consideration of the Euro on hold for at least another ten years. And while we're at it, let's exit from the Schengen agreement, and reconsider that too in ten years. The Öresund Bridge and our ferry ports are leaking like sieves.
00:37 June 4, 2010 by Frank Lee
How could any country even be considering JOINING the Euro at this point? As many economists noted, it was a crazy idea to begin with. The recent crisis only supports that assessment.
01:02 June 4, 2010 by JoeSwede
I guess it is predictable after recent events that Swedes would not favor going on the Euro... but it also makes sense from a soveirgn standpoint. Having the ability to adjust the money supply is key to running an economy.
03:32 June 4, 2010 by anticommie
Swedens economy is one of the best in its history right now, because they use their SEK-crowns. With only a national debt of 39% of GDP(USA has 91% of GDP for example).

In 2009 Sweden was 45% and the US was 55%, But now we have the worst economic president ever so I am sure we will be in the 90s in no time at all. Liberals in the US should all be shot for treason!
09:00 June 4, 2010 by Thebinary1
Sweden must not join the Euro. There are corrupt members within the Euro who will rape Sweden economically just like how they are raped Germany. I feel very sorry for the German taxpayers right now and Sweden must learn from this. Spain, Greece, and Italy are incencere in their intentions towards the EU. All these nations want is to take money from others. That is why they drown themselves in debt, lie about the amount of deficit they have, and then demand other members to pay for their debt. If the other members do not pay, the politicians of those nations tell their citizens that the other Euro nations are to blame which will only end up forcing the other Euro nations to pay since the EU is always desparate to quell civil unrest within its borders.

And for those who argue "SEK is pegged to EUR. So Sweden must join Euro." That is the stupident and craziest argument I have ever heard. Ok, the SEK is pessged with the EUR, so what!!! In the future if the EUR goes down the drain, the SEK has the freedom to un-pegg itself from the EUR. Sweden's bondage to the EUR is not mandatory but optional. But if Sweden joins the Euro, Sweden loses this economic freedom!!

This is why when one joins the Euro. One is signing over ones destiny to other nations, like Greece, Spain, and Italy, etc... If I was a German taxpayer, I would be so angry and disappointed with the EU and Euro.

I am not saying the EU is bad! The EU is a very good idea .... but only if *ALL* its members are sincere. But the sad truth is that not all members of the EU are sincere. A majority are infact corrupt and greedy!! Poor Germany .... poor poor ... Germany!!! They did not do anything wrong and yet they got raped anyway!!
14:07 June 4, 2010 by jackiejunkie
SEK is not pegged to EUR!!! Sweden never joined the ERMII...
15:54 June 4, 2010 by mkvgtired
@Thebinary1, it is true, but Germany had no choice but to bail out the PIIGS. If the Euro collapsed it would severely hurt all the countries using it. I feel bad for the individual German taxpayers, but not the German government. They were one of the largest cheerleaders for the Euro. Before adoption, the German Mark was ~14% of global reserves, making it by far the second largest reserve currency next to to USD. By Germany adopting the Euro they basically took the global faith in their economy and spread it out to every member using the Euro. Germany also pushed to get these economic leaches on the Euro. The Euro gave them consistency in their exports to other countries using the Euro, but it seems to me that Germany gave up much more than they gained.
18:02 June 4, 2010 by Thebinary1
@jackiejunkie: I don't know which world you live in but the flatline trend of this graph tells me that the SEK is virtually pegged to the EUR even though it officially isn't:


FYI, 1 EUR is like 9.6SEK right now .... which surprise-surprise is around the range of the flatline trend.
03:16 June 5, 2010 by waffen
"Liberals in the US should all be shot for treason:"

What, pray tell, does that have to do do with Sweden and the Euro??

Keep the Tea Party nonsense in the United States, This is not a blog for arguing the United States conservative and liberal points of view, this is a Swedish blog for Swedish issues.

Check the New York Times. They have all manner of blogs with all manner of bloggers ranting and raving about their Government, or lack thereof. .
00:05 June 6, 2010 by wenddiver
Ever notice how much the word EURO and Zero sondalike in English. Poor choice of names, poor choice of partners.

Better sighn up right away or you might miss out on paying for Hungary's loans from France. By the way, since German and French Banks hold the debt of these nations and made the profit, why not ask THEM to take the loss??????
08:50 June 6, 2010 by cblanquer
iTo BCR:

SEK & EUR have no parity, the change rate fluctuated in the last more than 20% !

I lost lots of money due to this lack of stability.

Are you confusing with the Dansk Krone, which has actual parity ?

If you lack tools to check use this link and compare EUR to SEK or even to both Swedish Krona and Danske Krone.

16:45 June 7, 2010 by ramazama
Its all about not wanting to come out of the cave- man metality , and moving on , can you believe they have these 1000 bills ?? not worth jack s***
16:04 June 8, 2010 by Audrian
For Euro to work well the countries who adopt the Euro should not be any country. it should be those which have strong economies and good financial decipline. I suggest it should for a start include Germany, France, Switzerland, Scandvenian countries and Chekia. It should gradually exapand to include other strong economies. Budget support to fend off crisis should be part of the agreement.
00:28 June 10, 2010 by rumcajs
I don't know too much about economics, but when Spain took it, it went from being a really cool place to live to a ... well, something much worse. Everything got x2 more expensive in a couple of months and still no1 has been able to tell me why if it's only ( or that's what they told us ) a change of corrency.

That's what Sweden and any other country should be carefull with if they wanna join the Euro. Most of countries got worse and nobody gives a good explanation. If Sweden takes the euro, the gov should take all due preventive actions to avoid this and if they can't... so keep the sek.
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