Sweden's Moderates open to revisiting euro debate as support for ditching krona grows
Interest in Sweden for joining the euro may be growing, and although multiple parties have ruled out a new referendum, the ruling Moderates haven't closed the door entirely.
Over a third of Swedes (34.4 percent) want to swap the krona for the euro, according to a recent survey from Statistics Sweden, up from 30.6 percent a year prior.
Despite the fact that a majority are still against a currency change, support for joining the euro has seen a stable increase over the last ten years, with an extra boost seen in Statistics Sweden's last two yearly surveys.
In 2022, only 22.6 percent were in favour of joining the euro, with support at its lowest level, around ten percent, around 2012-13. The increase in support is most likely due to the fact that the krona has seen a substantial dip in value over the same period.
Right-wing parties generally in favour
The Moderates, who are currently in government alongside the Liberals and Christian Democrats, with the support of the Sweden Democrats, believe that the increased interest in joining the euro shows that Swedes have "slightly more appetite than previously".
According to party secretary Karin Enström, the party is open to considering the issue more closely.
"It's a long time since we looked into the issue," she said. "Maybe it's time to start doing so."
She said that it was "far too early" to start discussing a new referendum – Sweden last held a referendum on joining the euro in 2003, where 55 percent voted against changing the currency and 42 percent voted in favour. But she didn't close the door completely.
"We'll have to get back to you on that issue," she told the TT newswire.
The Liberals, whose voters are more positive to joining the euro than any other party's, did not want to comment on whether a referendum could be on the cards.
"We'll have to look more closely at that of course," party secretary Jakob Olofsgård said. "But it's clear that opinion is changing and there are a lot of high-profile names in favour."
In general, right-wing voters are more in favour of joining the euro, with men and the elderly more positive than young people and women. Among men aged over 65, almost 46 percent are in favour, while only 25.6 percent of women under 30 would vote yes to swapping the krona for the euro if a referendum were to be held today.
Sweden Democrats and opposition generally against
The Sweden Democrats are against the idea.
"We've had one referendum and there was a clear 'no', and there's not yet any support in parliament for a new referendum," party secretary Mattias Bäckström Johansson said.
Among the opposition parties, the Left and Green parties, whose voters are most negative towards the euro, still think there are strong arguments against switching currencies, while the Social Democrats are slightly more open to the idea.
"But if there's going to be any kind of change, the Swedish people need to be part of the process and the decision," said Social Democrat party secretary Tobias Baudin.
The Centre Party and the Christian Democrats did not immediately comment.
'Krona has made us poorer'
Both the Confederation of Swedish Enterprise (Svenskt Näringsliv) and the Swedish Trade Union Confederation (LO) did not want to comment on whether Sweden should join the euro or not at an organisation level, although the former's head economist Sven-Olov Daunfeldt believes that the positives of dropping the krona are starting to outweigh the negatives.
"But of course, there are risks, so it's important that there's a balanced discussion," he said, calling on politicians to launch an official inquiry.
"The Swedish krona has made us poorer, it's noticeable when we travel," he added, when asked why he thought support for switching to the euro has grown.
"The feeling of national identity linked to our banknotes has probably declined too, we barely see them anymore."
"I think that's actually not an insignificant factor."
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Over a third of Swedes (34.4 percent) want to swap the krona for the euro, according to a recent survey from Statistics Sweden, up from 30.6 percent a year prior.
Despite the fact that a majority are still against a currency change, support for joining the euro has seen a stable increase over the last ten years, with an extra boost seen in Statistics Sweden's last two yearly surveys.
In 2022, only 22.6 percent were in favour of joining the euro, with support at its lowest level, around ten percent, around 2012-13. The increase in support is most likely due to the fact that the krona has seen a substantial dip in value over the same period.
Right-wing parties generally in favour
The Moderates, who are currently in government alongside the Liberals and Christian Democrats, with the support of the Sweden Democrats, believe that the increased interest in joining the euro shows that Swedes have "slightly more appetite than previously".
According to party secretary Karin Enström, the party is open to considering the issue more closely.
"It's a long time since we looked into the issue," she said. "Maybe it's time to start doing so."
She said that it was "far too early" to start discussing a new referendum – Sweden last held a referendum on joining the euro in 2003, where 55 percent voted against changing the currency and 42 percent voted in favour. But she didn't close the door completely.
"We'll have to get back to you on that issue," she told the TT newswire.
The Liberals, whose voters are more positive to joining the euro than any other party's, did not want to comment on whether a referendum could be on the cards.
"We'll have to look more closely at that of course," party secretary Jakob Olofsgård said. "But it's clear that opinion is changing and there are a lot of high-profile names in favour."
In general, right-wing voters are more in favour of joining the euro, with men and the elderly more positive than young people and women. Among men aged over 65, almost 46 percent are in favour, while only 25.6 percent of women under 30 would vote yes to swapping the krona for the euro if a referendum were to be held today.
Sweden Democrats and opposition generally against
The Sweden Democrats are against the idea.
"We've had one referendum and there was a clear 'no', and there's not yet any support in parliament for a new referendum," party secretary Mattias Bäckström Johansson said.
Among the opposition parties, the Left and Green parties, whose voters are most negative towards the euro, still think there are strong arguments against switching currencies, while the Social Democrats are slightly more open to the idea.
"But if there's going to be any kind of change, the Swedish people need to be part of the process and the decision," said Social Democrat party secretary Tobias Baudin.
The Centre Party and the Christian Democrats did not immediately comment.
'Krona has made us poorer'
Both the Confederation of Swedish Enterprise (Svenskt Näringsliv) and the Swedish Trade Union Confederation (LO) did not want to comment on whether Sweden should join the euro or not at an organisation level, although the former's head economist Sven-Olov Daunfeldt believes that the positives of dropping the krona are starting to outweigh the negatives.
"But of course, there are risks, so it's important that there's a balanced discussion," he said, calling on politicians to launch an official inquiry.
"The Swedish krona has made us poorer, it's noticeable when we travel," he added, when asked why he thought support for switching to the euro has grown.
"The feeling of national identity linked to our banknotes has probably declined too, we barely see them anymore."
"I think that's actually not an insignificant factor."
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