The Hindu : Boost for anti-euro lobbies

Online edition of India's National Newspaper
Tuesday, Sep 16, 2003

International

International

Boost for anti-euro lobbies

By Batuk Gathani

BRUSSELS SEPT. 15. Sweden has chosen to remain outside the euro regime with 56 per cent of the voters saying `no' in the referendum held on Sunday to decide whether the country should join the five-year-old "euro club" of 12 nations.

Although Sweden is a member of the European Union, the Scandinavian country, like Britain and Denmark, has chosen not to introduce the euro as its currency. Ostensibly, the Swedes prefer to have the luxury of its own currency, despite the high volume of trade the country has with the E.U. Denmark rejected the euro in a referendum three years ago and Britain has yet to conduct a vote on the issue. The Swedish decision could provide an added boost to the anti-euro lobbies in Britain and Denmark, where the Governments are in a quandary over the future of their currencies in the context of the euro emerging as the world's second most powerful currency after the dollar.

There are varying estimates about the Gross Domestic Product of Sweden, which may be lower than that of Spain and even of Greece. With a population of less than nine millions, Sweden is not rated as a significant economic power in the E.U. The referendum witnessed a passionate campaign, made uncertain by the assassination of the Foreign Minister, Anna Lindh. The rejection of the euro is a setback for the Prime Minister, Goran Persson, who has stated that his Government would respect the verdict.

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