Sweden reopens euro debate as finance minister eyes fresh currency analysis
Sweden may reconsider its stance on the euro after two decades of using the krona. Finance Minister Elisabeth Svanteson has announced plans for a detailed analysis of adopting the single currency. The move comes as debates grow over whether the country should revisit its 2003 rejection of the euro.
Support for the euro remains low, with only a third of Swedes in favour. Another 20% are still undecided, leaving the issue far from settled. Meanwhile, the government has yet to take an official position ahead of the 2026 elections.
In 2003, Swedes voted against replacing the krona with the euro. Since then, political and economic conditions have shifted, prompting calls for a fresh examination. The Moderate Party, part of Prime Minister Ulf Kristersson's coalition, is now discussing a new referendum on the issue.
The government has avoided joining the euro by staying outside the ERM II mechanism, despite EU membership requirements. Yet, with no clear coalition stance before the 2026 elections, the debate has gained momentum. Svanteson's planned analysis will weigh the pros and cons, including economic stability and the current security situation.
Her review will only proceed if she remains finance minister after the autumn elections. The outcome could shape Sweden's future relationship with the eurozoneâor confirm its long-standing preference for the krona.
The analysis would mark the first major reassessment of euro adoption since the 2003 vote. If approved, it could lead to a referendum, giving Swedes another chance to decide. For now, the krona remains in place, but the discussion is far from over.
