The debate, which began in early 2026, reflects a shift in position more than 20 years after the 2003 referendum where citizens voted against the transition.
After joining NATO, Sweden is again considering such a historic step – abandoning its national currency in favor of the euro for the sake of security and strengthening defense cooperation with the EU.
Arguments in favor of switching to the euro
The key arguments for switching to the European currency are economic factors.
The country’s security in the face of growing geopolitical risks is the main economic argument. The krona is characterized as “small, illiquid and volatile” and its exchange rate has fallen significantly over the last decade (more than 20%), which hurts industry.
Finance Minister Elisabeth Svantesson has said she is ready to launch a formal study of the pros and cons if the center-right government retains power after the election.
The political arguments are mixed
But there is no consensus in the Swedish parliament: the Liberals are in favor of the transition, while the Social Democrats and other parties are cautious.
The Social Democrats and right-wing MPs, including the Sweden Democrats, oppose abandoning the krona, seeing the national currency as a symbol of independence.
They cite “the will of the people” among the obstacles. According to a 2025 poll, only about 32% of Swedes support the switch to the euro, while almost 50% oppose it.
Despite the discussions, the transition is not planned in the near future and the issue is at an early stage of analysis. Experts estimate that even if agreement is reached, the euro transition could take at least four years.
