Sweden does not currently use the euro as its currency and has no plans to replace krona any time soon. The 1994 agreement of the Swedish Agreement made it subject to the Maastricht Treaty, which obliged states to join the eurozone after they met the necessary conditions. Sweden maintains that joining ERM II (the requirement for euro adoption) is voluntary, and has chosen to remain outside pending public approval by referendum, thus deliberately avoiding fulfillment of adoption requirements.
Video Sweden and the euro
Status
Sweden joined the European Union in 1995 and an accession agreement since then required him to adopt the euro after the country was found to comply with all convergence criteria. However, one of the requirements for eurozone membership is the two year membership of ERM II, and Sweden has chosen not to join this mechanism, which will peg the Swedish currency to euro Ã, Â ± 2.25%. SEK floats freely with other currencies. Most of Sweden's major parties believe that it will be a national interest to join, but they all promise to comply with the outcome of the referendum.
The EU has accepted that Sweden lives outside the eurozone at its own discretion. Olli Rehn, EU commissioner for economic affairs says that it's up to the Swedes to decide.
Nevertheless, the euro can be used to pay for goods and services in some places in Sweden. (See below.)
Sweden meets three of the five conditions to join the euro in May 2018. The table below provides more details:
- Catatan
Maps Sweden and the euro
Histori
Serikat moneter awal di Swedia (1873-1914)
On 5 May 1873 Denmark with Sweden repaired their currency against gold and formed the Scandinavian Monetary Union. Prior to this date Sweden used the Swedish riksdaler. In 1875, Norway joined the union. The same-value krona of the monetary union replaces the three legacy currencies at level 1 krona = Ã,½ Danish rigsdaler = Ã,¼ Norwegian speciedaler = 1 Swedish riksdaler. The new currency (krona) becomes a valid payment instrument and is accepted in all three countries - Denmark, Sweden and Norway. This money union lasted until 1914, when it was terminated by World War I. In 2014, the names of currencies in each country remain unchanged ("krona" in Sweden, "krone" in Norway and Denmark).
Join the European Union
The 1994 Sweden EU membership referendum was approved - with 52% of the majority - the Accession Agreement and in 1995 Sweden joined the EU. According to the agreement, Sweden is obliged to adopt the euro after meeting the criteria of convergence.
referendum 2003
The referendum held in September 2003 saw 55.9 percent of the vote against euro zone membership. As a result, Sweden decided in 2003 not to adopt the euro for the time being. If they vote in favor, Sweden will adopt the euro on January 1, 2006.
The majority of voters in Stockholm voted in favor of adopting the euro (54.7% "yes", 43.2% "no"). In SkÃÆ'Â¥n County county people voted "yes" (49.3%) more than people who voted "no" (48.5%), though unauthorized and empty votes did not produce a majority for other options. In all other polls in Sweden, the majority chose not.
Today's usage
Several shops, hotels and restaurants can accept the euro, often limited to records and provide changes in the Swedish Kronor. This is very common in some border towns. The mainly foreign-oriented stores are more likely to accept foreign currency (like the euro) than other stores.
City
Official currency status
Matters like official currency status and legal tender issues are decided by the Swedish parliament, and the euro is not the official currency of any part of Sweden. Nevertheless, politicians from some cities (see below) have claimed that the euro is their official municipal currency. This means that the city authorities have made deals with many stores that they should accept the euro (in cash and credit cards). However this is not mandatory for stores and status as "official currency" is largely a marketing tool rather than a legal mandate.
Haparanda
The only Swedish city near the eurozone is Haparanda, where almost all shops accept the euro as cash and often display prices in euros. Haparanda has become an important shopping city with the establishment of IKEA and other shops. 200,000 Finns live within 150 km.
Some municipalities, notably Haparanda, want to have the euro as the official official currency, and, for example, salary contracts in euros for employees from Finland. However, this is illegal because of tax laws and salary rules. (The actual payment can be in euro, handled by the bank, but the salary contract and tax documentation must be in kronor).
Haparanda's budget is presented in both currencies. Haparanda has close cooperation with the neighboring city of Tornio, Finland.
HÃÆ'¶ganÃÆ'¤s
City HÃÆ'¶ganÃÆ'¤s claims to have adopted the euro for stores on January 1, 2009. From that date, all residents may use kronor or euro in restaurants and shops, as well as rent and bill payments. Multiple pricing is used in many places and ATMs issue currency at no additional cost (the latter is legal throughout Sweden). About 60 percent of shops in the city are reported to have signed up to the scheme and local banks have developed guidelines for receiving euro deposits. This decision was approved and approved by the city government HÃÆ'¶ganÃÆ'¤s. HÃÆ'¶ganÃÆ'¤s has developed a special euro logo for the city. This is not a law in HÃÆ'¶ganÃÆ'¤s, just a recommendation. This has been a fairly successful public relations coup, with good coverage in newspapers, and has been mentioned in foreign newspapers as well.
Helsingborg and MalmÃÆ'¶
Some stores accept euros, and price tags in euros are in some tourist-oriented stores, as in more cities in Sweden. Receipts and prices in Danish kroner may be more common.
Pajala and ÃÆ' â €" vertorneÃÆ'  ¥
Pajala and ÃÆ'-vertorneÃÆ'  ¥ municipalities have a limit to Finland (and thus to the eurozone). Euro is often accepted in stores and sometimes displayed on price tags, but there is no official adoption of the euro from the municipal point of view. However, there are political proposals to formally adopt the euro in Pajala.
Sollentuna
There was a political proposal in June 2009 from a party in Sollentuna Municipality, that the city government should adopt the euro as its parallel currency in 2010.
Stockholm
Stockholm is the most important tourist city in Sweden, measured as the number of nights spent by tourists. Some tourist-oriented stores accept the euro, although there is no official policy from the city government. Taxi services in Stockholm can be paid in euros. In 2009 there were political proposals denied to formally introduce the euro in Stockholm.
Cash machine
Some cash machines can issue foreign currency. Usually the euro is a foreign currency that is eliminated, but sometimes British pounds, US dollars, Danish kroner or Norwegian kroner are set aside instead. All cash machines also issued Swedish kronor. Most of these cash machines are located in major cities, international airports and border areas.
The presence of the euro in Swedish law and bank systems
The Euro is present in several elements of Swedish law, based on the EU directive. For example, the EU directive states that all transactions in euros within the EU will have the same cost as the euro transactions in the country. The Swedish government has made amendments stating that referrals also apply to krona based transactions. This means, for example, that the euro can be withdrawn at no charge from a Swedish bank at any ATM in the eurozone, and that krona- and euro-based transfers to bank accounts in the European Economic Area can be made through the internet without shipping charges. Accepting banks can sometimes still charge a fee for receiving payments, though, although the same EU directives usually make this impossible for euro-based transfers to euro zone countries. This differs from, for example, Denmark in which the bank is required to set a price for international euro transactions in the EEA at the same price as for the domestic european Danish transaction (which should not be equal to the price for the Danish domestic krone transaction). However, banks in Sweden still decide on exchange rates, and thus can continue to fill a small percentage to exchange between kronor and euro when using card payments.
It is now possible for limited companies (companies are limited by shares) to have their accounts and share capital in euro currency.
Packages
Most of Sweden's political parties, including a coalition alliance that previously ruled for Sweden (except the Central Party) and the currently ruling Social Democratic party, which won the 2014 election, in principle support the introduction of the euro.
Tommy Waidelich, the economic spokesman for the Social Democratic Party, has ruled out the Swedish eurozone membership for the foreseeable future in August 2011.
The Sydsvenska Dagbladet newspaper claimed Nov. 26, 2007 (days after Danish Prime Minister Anders Fogh Rasmussen announced plans to hold another referendum to abolish Denmark's opt-outs including opt-out of the euro) that questions about another euro referendum would be one of the central issues of the 2010 elections in Sweden. Prime Minister Fredrik Reinfeldt stated in December 2007 that when more neighbors used the euro, it would be more visible that Sweden did not.
Swedish politician Olle Schmidt in an interview with reporters from the European Parliament in 2008 when asked when Sweden will have a good reason to adopt the euro, he said "When the Baltic countries join the euro, the entire Baltic Sea will be surrounded by euro coins, then resistance will fall. I expect a referendum in Sweden in 2010. "Lithuania adopted the euro as the last Baltic state by 2015, without much controversy in Sweden.
The leader of the social democrat party Mona Sahlin at the time of 2008 declared that a new referendum would not occur in the period 2010-2013, since the 2003 referendum was still taken into account.
The EU Commission says in 2017 it plans to pressure the remaining EU countries to adopt a euro no more than 2025.
European Election 2009
During the election campaign for European Parliamentary elections, the Liberal People's Party and Christian Democrats expressed interest in holding a second referendum on euro adoption. However, Moderate Party and Central Party think that the timing is not right.
Economic research
A 2009 economic study from J. James Reade (Oxford) and Ulrich Volz (German Development Institute) about the possibility of Sweden's entry into the eurozone has found that it will likely have a positive effect. The study of the evolution of Swedish money market rates shows that they follow the euro rate, even during times of economic crisis. This shows that Sweden is not going to lose in terms of monetary policy autonomy, since the Central Bank of Sweden has been closely following the rate set by the European Central Bank. When adopting the euro, Sweden will trade this autonomy on paper for a real influence on European monetary policy thanks to getting a seat on the ECB's governing board. Overall, the study concludes that "living outside the eurozone implies that the benefits of Sweden, a small open economy with a sizeable financial sector and internationally exposed, will enjoy adopting the international currency."
Poll
Prime Minister Fredrik Reinfeldt declared in December 2007 that there would be no referendum until there was stable support in the polls. Polls generally show stable support for "no" alternatives, except for a few polls in 2009 that showed support for "yes". Since 2010 polls have shown strong support for "no".
Results
Polls on the question of whether Sweden should abolish krona and join the euro on a regular basis, usually by Swedish Statistics state statistics (SCB). The results are always published in the media or online.
SCB poll question: If there is a referendum on the euro by the end of this month, what would you choose?
Critique poll question
How polled questions are raised has a major impact on how people respond. SCB poll questions tend to measure if voters vote yes/no vote for Sweden to adopt the euro as soon as possible. However, a poll conducted by Polska Polska in Poland shows that this question found a large group of euro adoption supporters would choose not to adopt the euro as soon as possible, but the majority of them would vote yes if asked if the country should adopt euro ten years from now. The Eurobarometer question, however, can also be criticized, as it may measure support too much when asking if you are for EMU in general (do not ask specifically if you are to/against your own country to adopt the euro).
Swedish euro coins
There are no designs for potential 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-kronor coin already has a similar portrait. This is actually from a progress report by Riksbank on the possible inclusion of Swedes to the euro, stating that leads in time for coin turnover can be reduced through the use of portraits of King Carl XVI Gustaf introduced at 1- and 10-kronor coins in 2001 as a national side on Swedish coins 1 and 2 euros.
Only national banks can produce legitimate coins under Swedish law. Some private mint collection companies have produced Swedish euro coins, claiming that they are copies of test coins made by Riksbank. Swedish euro coins will not be designed or issued as long as there is no prior referendum approval for euro adoption.
Membership of European Central Banking Banking
Since 2017 an increase in the cost of funding resolutions for Swedish banks to protect against bank failures and also the planned movements of Sweden's largest bank, the Nordea headquarters from Stockholm to Helsinki. There are suggestions about Sweden joining the European Banking Banking Union available to all EU members including those outside the eurozone. The main goal for this is to protect Swedish banks from being "too big to fail". Swedish Finance Market Minister Per Bolund said the country is currently undertaking a study to join, which is due to be completed by 2019. The only drawback is that Sweden will become a member, not voting because it is not a member of the euro currency.
See also
- Swedish economy under Economic and Monetary Unity and Trade unions
- Eurozone enlargement
Note
References
External links
- Central Bank
- The central bank (in Swedish)
Source of the article : Wikipedia
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