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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."
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