Sweden and EMU
- Swedish flag (Photo: EU Commission)
Sweden and EMU
In a referendum on 14th September 2003 Sweden decided not to join the European single currency. 56.1% voted against joining the Euro, 41.8% in favor.
Although it is legally obliged to participate in the Euro on the basis of its accession treaty, Sweden chose to submit the issue to the citizens' vote.
The German Constitutional Court in Karlsruhe decided that Germany was allowed to decide its own participation in EMU, despite the provisions of the Treaty of Maastricht. Since Germany was not bound to accept the content of the Maastricht Treaty it had been difficult to claim that Sweden is legally bound by the same Treaty.
Notes
Former Swedish Prime Minister Göran Persson was against EMU for many years, but finally put his political weight behind the “Yes”-campaign - without success.
