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Unlike Denmark, Sweden doesn't have an optout for the Euro, yet hasn't joined.
by iso1631 4y ago
Unlike Denmark, Sweden doesn't have an optout for the Euro, yet hasn't joined.
- lbschenkel 4y agoThey used a loophole: to adopt Euro you need to be in ERM-II for a while as a pre-requisite, and Sweden found out that there is no rule imposing a timeframe for it to join ERM-II so it is deliberately not joining. IMO this is complying with the letter of the agreement it has with the EU but not the spirit. As far as I understand, the EU closed this loophole for new members but it is turning a blind eye for Sweden. It is fascinating to me that in practice there is this reversal of roles: Sweden is supposed to adopt the Euro and yet has a free-floating currency, and Denmark that has an opt-out deliberately chose to be in ERM-II and has a currency that is pegged to the Euro.