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

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Presentation transcript:

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

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

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

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

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

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

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

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

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

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 in the next 10 years … 80% of the swedes believe that Sweden will have the €uro in the next 10 years …