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Swedish companies lost confidence in the euro as support for the ailing currency collapses in among Swedish entrepreneurs
Wednesday, 07 March 2012
Sweden has hardly fully accepted that the Euro single currency replaces
their own currency but there has been the business community that has
in the past advocated for the adoption of the currency. That mood has
now changed and confidence in the currency has now collapsed in Sweden
the business sector.
There were instances sometimes in 2008 to 2009 when the business
community started thinking seriously of adopting the Euro single
currency when the Swedish Krona fell far too low. But when the Euro
crisis started and the Swedish economy began to grow like the
“tiger economy” and performing well, this made the Krona to strengthen
as such that feeling of shifting to the Euro has now dissipated.
Today it has emerged that public opinion appears to have bottomed out
in the traditionally most supportive group of Euro enthusiasts in
Sweden - the entrepreneurs.
According to a new publication by the Swedish banking group, SEB which
carried out a survey of the feeling the Entrepreneur have for the
currency, which took place between the 7 and 10 February and
includes responses from more than 1400 entrepreneurs, the initial
analysis of that survey shows that the responses have been more
negative than before.
Today, only 26 percent of Swedish small and medium sized businesses
accept that they want Sweden to adopt the euro as its currency, while a
full 55 percent are opposed. 19 percent at this moment have no idea
where they stand on the issue.
Small businesses in Sweden have long been the most positive group
advocating for the introduction of the euro as the country’s legal
tender and a majority of business gave more support for euro until the
year 2010 - 2011, when for the first time support for the currency went
under 50 percent. The big plunge really came in autumn 2011.
Medium-sized firms (50-249 employees) remain the most positive, with 33
percent still in favour a Swedish introduction of the Euro.
The proportion of entrepreneurs who believe that a move would be
positive for the company itself is now down to 12 percent, against 34
percent in mid-2009. The group that sees the greatest benefit are the
trading companies in which 23 percent are still seeing positive effects
of a transition.
The proportions which consider that it would have negative consequences
have not risen significantly, only 9 percent are of the view. 57
percent said "neither positive nor negative" and 22 percent responded
"do not know."
By Scancomark.se Team
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