Sweden and the euro

Sweden does not currently use the euro as its currency and has no plans to replace the krona in the near future. Sweden's Treaty of Accession of 1994 made it subject to the Treaty of Maastricht, which obliges states to join the eurozone once they meet the necessary conditions. Sweden maintains that joining the ERM II (a requirement for euro adoption) is voluntary, and has chosen to remain outside pending public approval by a referendum, thereby intentionally avoiding the fulfilment of the adoption requirements.

Sweden joined the European Union in 1995 and its accession treaty has since obliged it to adopt the euro once the country is found to comply with all the convergence criteria. However, one of the requirements for eurozone membership is two years' membership of ERM II, and Sweden has chosen not to join this mechanism, which would peg the Swedish currency to the euro ±2.25%. The SEK floats freely alongside other currencies. Most of Sweden's major parties believe that it would be in the national interest to join, but they have all pledged to abide by the result of the referendum.

The EU has accepted that Sweden is staying outside the eurozone on its own decision. Olli Rehn, the EU commissioner for economic affairs has said that this is up to Swedish people to decide.

Despite this, the euro can be used to pay for goods and services in some places in Sweden. (See below.)

Sweden meets two of five conditions for joining the euro as of June 2016. The table below gives further details:

On 5 May 1873 Denmark with Sweden fixed their currencies against gold and formed the Scandinavian Monetary Union. Prior to this date Sweden used Swedish riksdaler. In 1875 Norway joined this union. An equal valued krona of the monetary union replaced the three legacy currencies at the rate of 1 krona = ½ Danish rigsdaler = ¼ Norwegian speciedaler = 1 Swedish riksdaler. The new currency (krona) became a legal tender and was accepted in all three countries – Denmark, Sweden and Norway. This monetary union lasted until 1914, when it was brought to an end by World War I. As of 2014, the names of the currencies in each country have remained unchanged ("krona" in Sweden, "krone" in Norway and Denmark).

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Wikipedia