EUR-SEK exchange rate

[BillyR]

Sweden joined the European Union in 1995 and its accession treaty has since obliged it to adopt the euro once the country is found to comply with all the convergence criteria. However, one of the requirements for eurozone membership is two years' membership of ERM II, and Sweden has chosen not to join this mechanism, which would peg the Swedish currency to the euro ±2.25%. The SEK floats freely alongside other currencies. Most of Sweden's major parties believe that it would be in the national interest to join, but they have all pledged to abide by the result of the referendum.

The EU has accepted that Sweden is staying outside the eurozone on its own decision. Olli Rehn, the EU commissioner for economic affairs has said that this is up to Swedish people to decide.

Despite this, the euro can be used to pay for goods and services in some places in Sweden.

Sweden does not currently use the euro as its currency and has no plans to replace the krona in the near future. Sweden's Treaty of Accession of 1994 made it subject to the Treaty of Maastricht, which obliges states to join the eurozone once they meet the necessary conditions. Sweden maintains that joining the ERM II (a requirement for euro adoption) is voluntary, and has chosen to remain outside pending public approval by a referendum, thereby intentionally avoiding the fulfilment of the adoption requirements

Convert sterling to swedish krona

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