You‘d be surprised to learn how many EU countries never adopted the Euro despite promising they would. As far as I know every EU country except for Denmark made the pledge but many of them never followed through.
The only two countries that have/had real and unique opt-outs concerning the Euro are Denmark and formerly the UK. All other countries technically must eventually adopt the Euro in line with their EU membership.
The only other country actually not introducing the Euro despite meeting the economic criteria for a long time is Sweden. Their people said no in a referendum in 2003, so the government simply doesn’t join the European Exchange Rate Mechanism (ERM II), which you also must be a member of for two years prior to be allowed to adopt the Euro.
Since 2023, at least there were some polls showing a pro-Euro majority for the first time. Maybe the global turmoil will tip the scales.
Especially since the Krona effectively already follows the monetary policy of the Euro quite closely, from what I’ve heard.
So I wonder what’s the point of keeping the krona (and I wonder the same for Denmark).
People and their traditions. For some, it might feel like losing a part of their identity. Our domestic far-right party of course also eyes with the return of the good old pre-Euro currency.
Just adopt the euro and make things simpler for companies
I once heard of a Swedish company that used Euros internally. So I looked it up and indeed, the Swedish Companies Registration Office specifically permits either SEK or EUR as accounting currencies for limited companies in Sweden. In such a case, using the Krona is almost merely cosmetic.
Our export dominated economy might make the euro a hard sell. Floating the dollar is very helpful since we can devalue it easily and boost exports. Being on the euro has some major downsides.
That said, also some major upsides. It’s just not a pure win.
I see it as a balance: with the euro you can’t change the value of the currency but you don’t have to pay fees and taxes to sell to 500 million possible customers.
As a Canadian, yes please! Using the Euros sounds great too if it means less conversion fees.
You‘d be surprised to learn how many EU countries never adopted the Euro despite promising they would. As far as I know every EU country except for Denmark made the pledge but many of them never followed through.
The only two countries that have/had real and unique opt-outs concerning the Euro are Denmark and formerly the UK. All other countries technically must eventually adopt the Euro in line with their EU membership.
The only other country actually not introducing the Euro despite meeting the economic criteria for a long time is Sweden. Their people said no in a referendum in 2003, so the government simply doesn’t join the European Exchange Rate Mechanism (ERM II), which you also must be a member of for two years prior to be allowed to adopt the Euro.
Sweden should just grow some balls and join the euro.
Since 2023, at least there were some polls showing a pro-Euro majority for the first time. Maybe the global turmoil will tip the scales. Especially since the Krona effectively already follows the monetary policy of the Euro quite closely, from what I’ve heard.
It does, in economics is said to be “pegged” to the euro.So I wonder what’s the point of keeping the krona (and I wonder the same for Denmark).
Just adopt the euro and make things simpler for companies, tourists, etc.!
Edit: I’m wrong, see below
DKK is pegged, SEK is not.
Oops! My bad. So another reason to switch to the euro!
People and their traditions. For some, it might feel like losing a part of their identity. Our domestic far-right party of course also eyes with the return of the good old pre-Euro currency.
I once heard of a Swedish company that used Euros internally. So I looked it up and indeed, the Swedish Companies Registration Office specifically permits either SEK or EUR as accounting currencies for limited companies in Sweden. In such a case, using the Krona is almost merely cosmetic.
Our export dominated economy might make the euro a hard sell. Floating the dollar is very helpful since we can devalue it easily and boost exports. Being on the euro has some major downsides.
That said, also some major upsides. It’s just not a pure win.
I see it as a balance: with the euro you can’t change the value of the currency but you don’t have to pay fees and taxes to sell to 500 million possible customers.