Sweden increasingly opposed to the euro

eurosA growing number of Swedes have expressed opposition to finalising plans to replace the Krona with the euro.

A study by Demoskop, which surveyed 1,004 voters earlier this month, found that the level of resistance to adopting the Economic and Monetary Union (EMU) of the European Union is at its highest level since 2007.

A referendum over the EMU was held in Sweden in 2003, when the majority of voters were against a move to the euro. The latest study asked voters how they would respond should a new referendum be held.

According to the survey, 37 percent said they were in favour of the initiative, while 55 percent of people polled were opposed to the move – the highest level of resistance in three years. The survey found that the gap was even wider among female voters, with only 32 percent saying they would vote “yes” in a new referendum, and 59 percent claiming they would vote “no”.

The study also suggested that the younger generation was more wary of the euro, while older Swedes were largely open to change. High income earners and home owners, particularly in Stockholm, were also more likely to back the single currency union, according to Stockholm News.

The findings are a marked shift in position from six months ago, when a growing trend towards Swedish participation in the euro system seemed to be emerging. However, financial analysts claim that ongoing economic turbulence has caused many voters to lose confidence in the euro, as has the crippling debt crisis in Greece.