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Sweden and EMU

Published online by Cambridge University Press:  26 March 2020

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Extract

On 14 September, Sweden voted against adopting the euro, with 56.1 per cent voting against and 41.8 per cent voting in favour of the single European currency, with a strong turnout of 81.2 per cent. This was a blow to both the government and business lobbies, who strongly favoured euro entry. While Sweden does not have a formal opt-out clause like the UK and Denmark, they have remained outside the single currency area by postponing membership of ERMII and thereby failing to meet the exchange rate criterion. Since 1999, the Swedish krona has fluctuated from a high of 9.96 krona to the euro to a low of 8.06.

Type
Articles
Information
National Institute Economic Review , Volume 186 , October 2003 , pp. 33 - 34
Copyright
Copyright © 2003 National Institute of Economic and Social Research

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References

Barrell, Ray, and Davis, E.P. (2003) ‘Shocks and shock absorbers: the international propagation of equity market shocks and the design of appropriate policy responses’. NIESR mimeo given at the Bank of Canada Symposium on Equity Markets May 2003Google Scholar
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Barrell, Ray and Martin Weale (2003) ‘Designing and Choosing Macroeconomic Frameworks: the position of the UK after 4 years of EMU’ Oxford Review of Economic Policy, Vol 19, no I., pp 132–148Google Scholar