No, thanks! Swedish people reject adoption of euro in latest embarrassing poll for EU
BRUSSELS has been dealt a brutal blow by Swedish citizens after a recent poll showed 76 percent reject the bloc's demand to adopt the euro.
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A recent poll issued by Europe Elects revealed 76 percent of Swedish citizens surveyed are adamantly against joining the eurozone. The poll saw 9216 respondents between April 28 and May 27 asked: "Should the Euro replace the Swedish Krona as national currency?".
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Only 24 percent of the respondents said yes, while 16.5 percent were undecided.
Sweden has been a member of the European Union since 1995. Its accession to the bloc under the Treaty of Maastricht puts the country on an obligation to join the eurozone.
But the Swedish seem to have no plans to replace the krona in the near future.
The country is also yet to join the European Exchange Rate Mechanism II (ERM II), claiming it is voluntary.
Participation in the ERM II for two years is a key requirement ahead of member states' adoption of the euro.
The country's reluctance to join the eurozone does not come as a surprise, especially at a time of a double-dip recession.
The 19-country eurozone economy has relied on unprecedented European Central Bank stimulus to stay afloat.
And even as growth surges with the easing of COVID-19 restrictions, policymakers appear keen to err on the side of caution.
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The ECB is all but certain to maintain a generous flow of stimulus when policymakers meet today, fearing that higher borrowing costs could smother a still-nascent recovery.
Recent comments from ECB President Christine Lagarde and board member Fabio Panetta suggest the June discussion effectively ended even before today's meeting, with a cut in bond purchases unlikely, even if policymakers acknowledge an improvement in growth prospects and the rapid pace of vaccinations.
Panetta flatly rejected any reduction in emergency bond buys while Lagarde said it was "far too early" to discuss tapering the bank's 1.85 trillion euro Pandemic Emergency Purchases Programme (PEPP).
While policymakers could still opt for a different course, they usually line up behind their president and rarely make changes to proposals brought to the table by the six-member Executive Board.
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