The political and socioeconomic reasons for Sweden’s resistance to join the Eurozone.
Thesis DisciplineEuropean Studies
Degree GrantorUniversity of Canterbury
Degree NameMaster of European Union Studies
The Eurozone was established in 1999 as a common currency area between 11 member states (European Commission, 2019). This grew to 15 member states, and now exists as 19 member states who use the euro as their currency (European Commission, 2019). The ECB governs the Eurozone by controlling the monetary policy across all 19 Eurozone member states (European Commission, 2019). Countries within the Eurozone do not have control of their monetary policy but still maintain governance over their fiscal policy. Denmark and the UK are the only countries with formal opt-out agreements exempting them from Eurozone membership (European Commission, 2019). Sweden does not have such an agreement yet resists Eurozone membership, making it a unique case within the EU. Sweden had a public referendum in 2003 on whether it should join the Eurozone, with Swedes deciding not to (Miles, 2004, p. 155). This thesis uses a mixed method approach of both qualitative and quantitative information to understand the political and socioeconomic reasons for why Sweden resists Eurozone membership.