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Understanding Sweden's Refusal to Adopt the Euro

Explore why Sweden chose to retain its national currency over adopting the euro, with insights on the eurozone, arguments for and against joining, and Sweden's position in Europe. Learn about the referendum, reasons for the no vote, and future possibilities for Sweden's adoption of the euro.

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Understanding Sweden's Refusal to Adopt the Euro

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  1. Why did Sweden refuse to abandon the national currency for the €uro?

  2. Summary • €uro zone in the world … • …Some things to keep in mind • Argument for joining the €uro zone • Sweden’s place in Europe … • …The swedish No to the €uro • Conclusion

  3. Which countries are part of European Union ? Do all the members of EU belong to the European Monetary Union ?

  4. €uro Zone in the whole wide world 6% of the population 20% of the GDP 21% of transactions in stock markets 30% of exportations

  5. Arguments for Joining • No transaction costs • No exchange rate uncertainty • No competitive devaluations • Transparency & Competition • Stability & Strength

  6. Sweden • Capital : Stockholm • King : Carl XVI Gustaf • Prime minister : GörånPersson • Population : 9 millions (15 % immigrants) • Unemployment : 6% • Growth : 2,8% in 2005 forecast : 3,5% in 2006 • Principal trade partners : Scandinavian and Baltic countries

  7. Referendum : September 14th 2003 Who voted NO ? Who voted YES ?

  8. Why No ? Common reasons among UK, Denmark and Sweden • Not enough confident in : - European Union - European Central Bank - €uro • Lost of the independence of their Monetary Policy (national symbol) • It’s not in their own interests to join the €uro

  9. Why No ? National reason for Sweden • Worry about loosing : - national sovereignty - democratic control - social-security system • Sweden or the fear of a “small country” • Sweden has a much better economy than a lot of the €uro Zone countries

  10. Conclusion : any regrets ? Sweden : the ideal euro candidate “NO” is not for ever A major argument in the “no” campaign “wait and see” Most of business leaders wanted and still claim for the € Sweden will assume the Presidency of the EU in 2009 80% of the swedes believe that Sweden will have the €uro in the next 10 years …

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