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Sweden Joining the Euro

 


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A Chinese online newspaper reported that more Swedes agree to accept Euro.

Timing is the most interesting about this news. Why now, all of a sudden?

Nothing is said however whether the poll will be sufficient for Sweden to join. But the intention to do so gains support from the Swedish citizens:

. . . But still 48 percent of Swedes said that they would still vote to retain the krona, 4 percent lower than in May.

Besides the timing, the main question is: why? What is the motive to join the Euro?

A weakening Krona amid the financial crisis was the main reason why support for euro increased, said Mikael Gilliam, a political scientist at Gothenburg University. (1)

With the financial crisis in the background, a new paradigm has conquered the world, that of “privatizing profits while socializing losses. "

Now as local currencies seem to weaken, joining a network of the stronger currency seems profitable. In fact it is exactly the same as what is happening in the financial world: profiting from the Euro (Governmental intervention) in a social and cooperative intent while the original idea was to remain independent: Sweden as a private domain in the public Europe. . .

Nothing is said that they will join soon, but if they will it is good news for Europe and the Euro I guess. Was it worth waiting for the crisis to step in I wonder? The good thing is that the euro will be even more credible when a fairly big economy as Sweden is joining. So this is a win-win situation.

At least some positive news after all the negative issues from the crisis.

H. J. B.

<(1) - http://news.xinhuanet.com/english/2008-11/24/content_10406089.htm

© 2008 Hans Bool

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