Trevor Sargent
Question:157 Mr. Sargent asked the Minister for Finance the impact anticipated from the Swedish refusal through a referendum of its people not to participate in the euro currency. [20950/03]
Written Answers. - Swedish Referendum.
Gay Mitchell
Question:215 Mr. G. Mitchell asked the Minister for Finance if he will make a statement on the implications of the referendum decision in Sweden not to join the euro. [21137/03]
I propose to take Questions Nos. 157 and 215 together.
The question put to the Swedish people on 14 September was: "Do you think that Sweden should introduce the euro as its currency?"
While I would have welcomed a decision by the Swedish electorate to support the question, I recognise that they have, in their non-binding referendum, decided by 56.1% to 41.8%, on a turnout of 81%, not to do so. The Swedish Government has indicated that it will abide by the outcome. The door to Swedish euro membership has not been permanently closed and the possibility of later Swedish euro entry remains.
As to any anticipated impact of the no vote, I note that the EU Commission, in a statement issued following the announcement of the outcome, said that it firmly believes the euro has brought and will continue to bring advantages to the euro area economy. The euro has provided much needed stability in the individual member states' economies and has created an appropriate springboard for the Lisbon agenda to make Europe the most competitive and socially cohesive area in the world. It has also contributed to international financial stability. The euro is the world's second most important currency but it is still a young currency. Its full impact has still to work its way through to the euro area economy and that is what we are in the process of achieving together. While I regret that the eurozone will not have the benefit of Sweden's participation and influence, I do not anticipate a major impact arising from Sweden's decision.