Sweden's better off outside the Eurozone

An opinion poll today shows that for the first time there are more Swedes in favour of joining the euro than against: 47% in favour, 45% against and 9% undecided. The dropping value of the krona against the euro is said to be the reason.

No need to draw foregone conclusions though. A re-run referendum won't happen anytime soon - Sweden held a referendum as recently 2003, in which 56% of the electorate voted No to joining the euro (42% voted Yes). There's little political appetite for repeating a popular vote that risks splitting parties (as it did last time around) or worse, coalition governments.

In addition, we recieved a reminder today of the benefits for an export-driven economy - such as Sweden's - of remaining outside the eurozone.

The Chief Economist at the Swedish Trade Council, Mauro Gozzo, told Swedish Television that for Sweden:

"It's a net gain of 30 billion kronor [£2.4 billion] in exports each year from
remaining outside. If the krona had been significantly stronger, then the economic downturn would have been greater and employment levels would have dropped faster."