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Sweden set to vote on joining euro next autumn

James Palmer
Monday 28 October 2002 20:00 EST
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Sweden is ready to ditch the krona and adopt the euro if voters say "Yes" in a referendum, the country's centre-left leaders revealed yesterday.

The executive committee of the Social Democratic Party said the time had come to discuss a date for the vote, as all the conditions for entry into the eurozone had been met.

The party, which is led by the Prime Minister, Goran Persson, endorsed the euro on condition that Sweden's economic growth and wage increases were in line with other eurozone countries and that Sweden had room to counter any downturn in the economy.

"It is our conclusion that we have all the requirements for fulfilling these conditions," said the finance minister Bosse Ringholm. "Therefore we are now ready for a referendum."

A date for a referendum cannot be set until the whole party approves the recommendation and the issue has been debated with other parties in the Riksdag, the 349-seat Swedish parliament. The SDP, which fell short of an overall majority after winning 144 seats in September, usually depends on the anti-euro Left and Green parties for support.

Mr Persson did not campaign on the issue of the euro, but he has made no secret of his desire for Stockholm to sign up. The SDP's leadership group is expected to seek full party approval for recommending entry to the eurozone at its annual conference next month.

Sweden, which joined the EU in 1995, Britain and Denmark are the only members of the 15-country EU not to opt in to the euro.

Eurosceptics in this Scandinavian nation of 8.9 million people fear that the single currency may threaten sovereignty and the country's enviable social welfare system, but opinion polls suggest that a majority back membership.

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