The debate over whether Sweden should keep the Kroner or join the Eurozone seems to be gathering some momentum again. The most recent one sticking his spoon into the porridge is Björn Olsson, an economist of the Swedish Bankers’ Association.
In his survey published in the Ekonomisk debatt magazine, Olsson argues that Sweden’s yearly economic growth is currently 1.5% – 3% faster than it would be inside the Eurozone. The decision not to adopt Euro has benefited the country to the tune of one year’s worth of GDP and the overall economic performance has been up to 24% better outside the common currency.
Sweden voted against joining the Eurozone in a 2003 referendum.
Despite his findings, Olsson is calling for a profound discussion on the country’s future options.
According to him, national economic policy and a stronger integrated Europe are hanging in the balance. But, in the long run, Europe has to cooperate in the face of toughening competition from China and the U.S.
“In the next five years, Sweden has to conduct a debate and make a decision on its long-term direction,” the Swedish economist said.
“The European Union is heading towards a direction where there will be a one and more integrated union. And then, standing next to it on the outskirts will be another EU,” he added.
(Pekka Vänttinen | EURACTIV.com)