Sweden and the euro

Sweden uses its own currency called the Swedish krona, and it does not use the euro. Right now, Sweden has no plans to switch to the euro anytime soon. Even though Sweden joined the European Union in 1994 through the Treaty of Accession, it is still required by the Treaty of Maastricht to join the eurozone when certain conditions are met. However, Sweden believes that joining a special system called the European Exchange Rate Mechanism (ERM II) is not necessary unless the public says yes in a vote. Because of this, Sweden has chosen not to join ERM II, which means they are not meeting the requirements needed to adopt the euro.

Status

The Swedish krona used to have a fixed value until 1992, when Sweden had to stop because of financial troubles. Sweden joined the European Union in 1995, and agreed to use the euro later if it meets certain rules. But Sweden has not joined a system called ERM II that would help it use the euro, so it still uses its own money, the krona.

Most big groups in Sweden think it might be good to use the euro, but they promised to follow what people vote for in a vote. Some places in Sweden accept the euro for buying things, even though it’s not the main money there.

Sweden meets most of the rules to join the euro, but not all of them as of June 2022. The table below shows more information:

History

Early monetary unions in Sweden (1873–1914)

On May 5, 1873, Denmark and Sweden agreed to use a common currency based on gold, creating the Scandinavian Monetary Union. Before this, Sweden used the Swedish riksdaler. In 1875, Norway joined too. A new currency called the krona replaced the old currencies at set rates. This shared currency worked for all three countries until World War I ended the union in 1914. Even today, Sweden still uses the krona, just like Norway and Denmark.

Joining the European Union

Sweden joined the European Union in 1995 after a vote in 1994. The rules say Sweden must use the euro currency someday if it meets certain conditions.

2003 referendum

Main article: Swedish euro referendum, 2003

In September 2003, Sweden held a vote about using the euro. Over half of the people voted no, so Sweden decided not to use the euro at that time. If they had voted yes, Sweden would have started using the euro on January 1, 2006.

Most people in Stockholm County voted yes, and in Skåne County the yes votes were almost the same as the no votes. But in all other areas, most people voted no.

Usage today

Some shops, hotels, and restaurants in Sweden may accept euros, but they usually give change in Swedish Krona. This is most common in cities near the border with countries that use the euro.

Certain places, like Haparanda, often accept euros because they are close to Finland. Some towns have tried to make the euro easier to use, but this is more for visitors and not a rule across all of Sweden. Cash machines in big cities and airports sometimes give out euros along with kronor.

Plans

Most big political groups in Sweden, including the current government and some former governments, generally support using the euro. However, Sweden does not plan to switch to the euro anytime soon.

Some politicians have talked about having another vote on the euro in the past. Recently, in 2023 and 2025, there was more talk about possibly holding another vote. But the government says that switching to the euro will not happen soon. In early 2026, they said they might study the idea more if they stay in power after the election in September.

Economic research

A 2009 study looked at how Sweden joining the eurozone might affect its economy. The study found that Sweden's money market rates already follow euro rates closely, even during tough economic times. This means Sweden would not lose control over its money decisions because its central bank already follows the European Central Bank. If Sweden joined the eurozone, it would give up this control but gain a real say in European monetary policy by getting a seat on the European Central Bank's governing council. The study suggests that by staying out of the eurozone, Sweden misses out on benefits it could gain from using an international currency.

Opinion polls

Former Prime Minister Fredrik Reinfeldt said in December 2007 that there would be no new vote until there was steady support for "yes" in the polls.

From 2004 to 2009, polls usually showed most people did not want to change to the euro, except for a few polls in 2009 that showed a small lead for "yes". Strong support for keeping the krona was seen from 2010 to 2014, with 73% opposing and only 23% supporting the euro in a poll from November 2014. According to Eurobarometer polls, the number of Swedes who liked the idea of the euro grew to 32% in April 2015, 45% in April 2022, and 54% in April 2023.

Results

Polls asking whether Sweden should stop using the krona and start using the euro are done often, usually by the state statistics agency Statistics Sweden (SCB). The results are shared in the news or online.

• SCB polling question: If a vote were held today to replace the Swedish krona with the euro, would you vote "yes" or "no"? In Swedish: Om vi idag skulle ha folkomröstning om att ersätta kronan som valuta, skulle du då rösta Ja eller Nej till att inför euron som valuta i Sverige?
• Eurobarometer question: Generally speaking, are you personally more in favour or against the idea of introducing the euro in Sweden?

Public support for introducing the euro in Sweden according to Eurobarometer polls

PercentageSurvey date1520253035404550554/1/20013/1/20065/1/20115/1/2017 In favour (in Sweden)Support for: 'A European economic and moneta...

Critique of polling questions

The way polling questions are asked greatly affects how people answer. The SCB question asks if people would vote yes or no for Sweden to adopt the euro right away. But polls done by TNS Polska in Poland showed that many who support the euro would say no to adopting it right away, but most would say yes if asked whether Sweden should adopt the euro ten years later.

Swedish euro coins

Sweden does not have designs for potential Swedish euro coins. In 2001, Sweden changed the design of the 1-krona coin, using a newer portrait of the king. This was done in case Sweden decided to join the euro later. The Riksbank said this could help make the switch to the euro easier, since the King Carl XVI Gustaf portrait was already on the 1- and 10-kronor coins.

Only the national bank can officially make coins in Sweden. Some private companies have made Swedish euro coins, saying they are copies of test coins made by the Riksbank.

Membership of the European Central Bank's Banking Union

Main article: European banking union

In 2017, Sweden's big bank, Nordea, moved its headquarters from Stockholm to Helsinki in Finland. This happened because of higher fees for banks to protect against failures, and Helsinki is inside the eurozone. Some people in Sweden talk about joining the European Central Bank's Banking Union to help protect their banks. The country's Financial Markets Minister, Per Bolund, said they were studying this idea. However, some critics say Sweden might not have as much say because it is not part of the eurozone.