Members of the Riksbank's General Council say "yes" to adopting the euro

All eleven members of the Riksbank's General Council vote "yes" to Swedish membership of the Eurosystem

Previous General Councils have found reason to take a stand on the introduction of the euro in Sweden on a number of occasions. The Riksbank took a stand in 1994 and 1997 in favour of Sweden participating in monetary union from its inception. The present General Council also maintains that Sweden should adopt the euro.

The General Council of the Riksbank stated in its response to the submission by the government commission on EMU membership, "Sweden and EMU", that the economic and political gains of adopting the euro indicated there was no need to delay full participation in monetary union.

In recent years a number of studies have been published, which indicate that the effects on economic growth of participation in a currency union are greater than was previously assumed. While there is, of course, considerable uncertainty attached to any assessments of long-term growth effects, our opinion is that the economic arguments in favour of adopting the euro have gained in weight.

The campaigners advocating a "no" vote claim to safeguard the krona and the Riksbank, but we eleven who appoint, regularly monitor and assess the members of the Executive Board of the Riksbank are convinced that Sweden would benefit from adopting the single currency.

Our impression is that Sweden and the Riksbank would gain greater influence within the European System of Central Banks (ESCB) through full participation in monetary union. The Riksbank would have greater opportunity to influence monetary policy within the ESCB and thereby economic developments in the world around us. Swedish participation could also strengthen the ongoing shift towards increased transparency and clarity within the ESCB.

Our collective assessment is that adopting the euro could contribute to an increase in economic growth over the coming decades.  

Jan Bergqvist, Chairman (s)   
Johan Gernandt, Deputy Chairman (m) 
Sinnika Bohlin (s) 
Bengt Westerberg (fp)  
Lennart Nilsson (s) 
Kjell Nordström (s)  
Mats Odell (kd)  
Kenneth Kvist (v) 
Susanne Eberstein (s) 
Peter Egardt (m)  
Karin Pilsäter (fp)

If you have any questions, please contact Johan Gernandt (+46-8-670 66 01 or +46-733-146601) or Susanne Eberstein (+46-70 530 42 36).