Sweden Reconsiders Eurozone Membership Ahead of September Election

Sweden is reconsidering the possibility of joining the eurozone, with the country’s Moderate Party planning to set up a commission to examine the potential advantages and disadvantages if it remains in power following the parliamentary election in September, Finance Minister Elisabeth Svantesson stated.

Sweden previously rejected euro adoption in a 2003 referendum, but the country’s growing economic integration with the rest of Europe has prompted renewed interest. A recent study suggested that the potential benefits of adopting the single currency now outweigh the risks. Svantesson emphasized during a parliamentary debate that evaluating the issue is a priority she intends to address early in the next term.

The Moderate Party currently leads the minority coalition government, and discussions about eurozone membership have been reinvigorated by recent geopolitical and economic developments, including Russia’s war in Ukraine and tariff policies from the United States under President Donald Trump. Proponents note that Sweden’s independent monetary policy has been an asset during past crises, such as the 2008–2009 credit crisis, the eurozone debt crisis, and the pandemic, while closer integration with the eurozone could bring trade and security benefits.

Svantesson cautioned that even if the commission recommends euro adoption, actual membership would take many years to implement. Opposition is expected from the Sweden Democrats, the largest right-wing party supporting the minority government, who are strongly against adopting the euro. Oskar Sjöstedt, the party’s economic spokesman, described the euro as a “highly risky bet” that could endanger Swedish welfare.

Public opinion remains cautious. In the 2003 referendum, 56% of Swedes voted against joining the euro, while 42% supported it. By May 2025, surveys from Statistics Sweden indicated 49.5% opposed, 32% in favor, and 18.5% undecided, reflecting lingering skepticism among the population.