Sweden and the euro

Sweden does not currently use the euro as its currency and has no plans to replace the existing Swedish krona in the near future.

[1][2] Sweden maintains that joining the European Exchange Rate Mechanism II (ERM II), in which participation for at least two years is a requirement for euro adoption, is voluntary,[3][4] and has chosen to remain outside pending public approval by a referendum, thereby intentionally avoiding the fulfilment of the adoption requirements.

[5] Sweden joined the European Union in 1995 and its accession treaty has since obliged it to adopt the euro once the country is found to comply with all the convergence criteria.

Most of Sweden's major parties believe that it would be in the national interest to join, but they have all pledged to abide by the result of the referendum.

Olli Rehn, the EU commissioner for economic affairs, has said that it is up to Swedish people to decide when to adopt the euro.

As of 2014, the names of the currencies in each country have remained unchanged ("krona" in Sweden, "krone" in Norway and Denmark).

The Swedish European Union membership referendum of 1994 approved—with a 52% majority—the Accession Treaty[40] and in 1995 Sweden joined the EU.

[42][43] Some shops, hotels and restaurants may accept euros, often limited to notes and giving change in Swedish Krona.

This means that the municipality has made an agreement with many shops that they should accept euros (in cash and credit cards).

(The actual payment can be in euro, handled by the bank, but the salary contract and the tax documentation must be in kronor).

Dual pricing is used at many places and ATMs dispense either currency without additional charge (the latter is law all over Sweden).

Around 60 percent of stores in the town are reported to have signed up to the scheme and local banks have developed guidelines to accept euro deposits.

Euro (and Danish krone) are typically accepted at 24-hour open petrol stations, international fast food chains and at hotels.

Tommy Waidelich, then economic spokesperson for the Social Democratic Party, ruled out Swedish eurozone membership for the foreseeable future in August 2011.

[66] The newspaper Sydsvenska Dagbladet claimed on 26 November 2007 (a few days after the former 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.

[67] Prime Minister Fredrik Reinfeldt stated in December 2007 that when more neighbours use the euro, it will be more visible that Sweden does not.

"[69] Lithuania adopted euro as the last Baltic country in 2015, without creating much debate in Sweden.

[77] A 2009 economic study from J. James Reade (Oxford) and Ulrich Volz (German Development Institute) on the possible entry of Sweden in the eurozone has found that it would be likely to have a positive effect.

When adopting the euro, Sweden would swap this autonomy on paper for a real influence on the European monetary policy thanks to the gaining of a seat in the ECB's governing council.

"[78] Former Prime Minister Fredrik Reinfeldt stated in December 2007 that there would be no new referendum until there was stable support for "yes" in the polls.

The SCB polling question tends to measure if the electorate favor voting yes/no for Sweden to adopt the euro as soon as possible.

Nordea's chairman of the board, Björn Wahlroos, stated that the bank wanted to put itself "on a par with its European peers" in justifying the relocation from Stockholm to Helsinki.

Sweden's Financial Markets Minister Per Bolund has said that the country is conducting a study on joining, which is planned to be completed by 2019.

[145][146] Critics argue that Sweden will be disadvantaged by joining the banking union because it does not have any voting rights, as it is not a member of the eurozone.