When Sweden voted whether to join the Euro zone back in 2003, one of the arguments against was this exact scenario. They said something like "there has never be

When Sweden voted whether to join the Euro zone back in 2003, one of the arguments against was this exact scenario. They said something like "there has never been a successful case of a permanent currency union without a fiscal union in history. Even if remaining outside of the Euro will have a small negative effect on the Swedish economy, it's akin to paying insurance against the (in their opinion at the time) substantial risk of a Euro collapse."