In September 2003, in a referendum, Sweden said ‘no’ to the euro. This might have shocked the European political establishments, but for Swedish observers the result came as no surprise. Swedish ordinary citizens were already sceptical of the whole EU project when Sweden applied for membership in 1991; thereafter, Sweden was the only member country with a EU-negative majority in its delegation to the European Parliament. For once the dominant Social Democratic Party in Sweden, otherwise so superbly skilful in forming opinion, had not anchored its EU-policy among the voters. Instead, the politics leading to Swedish membership were a rather Machiavellian process that – in the light of the assumption of politics as rational action – reveals a fascinating internal political game between central figures in the Social Democratic Party.