First exit polls suggest Sweden will reject the Euro

[Drake Tungsten]

Anna Lindh must be rolling in her grave...

[The Mad Monk]

EU TELLS SWEDEN: YOUR LOSS
Sun Sep 14 2003 20:04:48 ET

The European Commission tonight regretted Sweden's failure to join the euro - insisting the "No" vote was the nation's loss, rather than Europe's.

A robust statement issued in Brussels said Sweden was missing out on the chance to be a part of the world's "second-most important" currency.

But the result is a blow to hopes in Brussels that a positive Swedish vote would galvanise the UK and Denmark - the only other non-euro EU nations - into signing up too.

The Swedish result means a UK referendum on the single currency in the near future is even less likely than before.

Fears about national sovereignty and economic instability put paid to a Swedish "Yes".

A clear majority of Swedish voters decided not to ditch their national currency largely because of uncertainty about the youthful euro's long-term prospects.

The fact that the French government is currently embroiled in a very public row with Brussels over the economic rules for running the single currency played into the hands of "No" campaigners.

But the commission insisted tonight that the euro was delivering economic stability to those countries using it.

The statement said: "We firmly believe that the euro, our currency, 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 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.

"Sweden could have influenced this effort by deciding to join the euro. We are confident that the Swedish government will choose the way forward to keep the euro project alive in Sweden."

The leader of the UK's Liberal Democrats in the European Parliament, Graham Watson, also insisted that euro membership was "almost inevitable for Sweden, as well as for the UK and Denmark.

"Sweden has voted no because the Swedish government failed to inspire people about the wider benefits of European unity.

"There is a lesson here for Tony Blair: continued self-exclusion from the euro will bring a crushing loss of investment and political influence and increased vulnerability to money market turmoil.

"Eventual membership is almost inevitable - sadly the Swedish people will discover that the hardest way to cross a ravine is in two leaps".

The German leader of the centre-right European People's Party in the European Parliament, Hans-Gert Poettering, also regretted the Swedish result.

He said it was now up to those countries already in the single currency zone to continue with the policy of maintaining currency stability, confirming the euro as a world currency: "Only in this way will people be convinced of the value of this new currency" he added.

http://www.drudgereport.com/flash1.htm

[The Mad Monk]

"Sweden has voted no because the Swedish government failed to inspire people about the wider benefits of European unity.

"There is a lesson here for Tony Blair: continued self-exclusion from the euro will bring a crushing loss of investment and political influence and increased vulnerability to money market turmoil.

"Eventual membership is almost inevitable - sadly the Swedish people will discover that the hardest way to cross a ravine is in two leaps".

You can almost hear The Emporer's Theme from Star Wars rising in the background...

[Chemical Ollie]

Originally posted by Drake Tungsten
Anna Lindh must be rolling in her grave...

She's still in the mortuary.

[Ecthy]

Anna Lindh must be rolling in her grave (2)

[Gangerolf]

She's still in the mortuary. (2)

[Ecthy]

You can almost hear The Emporer's Theme from Star Wars rising in the background... (2)

[Kropotkin]

Mad Monk: Seems like they are over doing it. The effects on the market has been marginal so far. Besides, the market has probably, due to the polls, been prepared for a 'No'-vote for months now.

[Ecthy]

Spotty K, why did you vote No?

[Kropotkin]

Why, is it something wrong to be sceptical about the 'new gold standard'?

[Ecthy]

I think you did because you're a lousy commie. A true capitalist votes for single currency and free market.

[Kropotkin]

I see you got about the same level on your arguments as both sides did during the campaign...

[Ecthy]

I'm not sure but I suppose so, yes.

[Kropotkin]

A very low level that is. If I now should briefly answer your question. First off, I have to point out that I didn't find it to be a easy question to answer. There's so many levels to it and most answers lies in the future, something I know very little about. Now for the arguments against; I haven't seen that the introduction of the euro has lead to a significantly better development in the euro-zone that outside. Quite the opposite actually. It's of cource possible to claim that it would have been even worse without it or that the effects are better in the long run. Who knows? I can only see that doesn't seem to make that much of a difference. I'm part of a bizzare group of people that thinks that welfare and growth is created by production of goods and services. Further, as I see it, there's a lot of risks involved for a small country to get attached to a gigant like this. There's a bunch of people that claim that Europe is not a perfect region for a single currency. They have a point with that but neither is Sweden. That seems to be a stupid nationalistic argument too me but I still agree with it. I think that the Euro-zone is so large that it could be very bad for regions in the periphery. It's not as flexible as the system Sweden has now with a floating currency. It might be unstable, but I prefer to get the schocks as soon as possible instead of later. It's better that Sweden goes through a crash than the entire continent. On the other hand the 'yes'-votes have a few good arguments, a single currency will probably help to increase trade. I'm not so convinced it will have (or would have) a huge impact though. As for all those arguments for joining hands with Europe and work for peace and all that other hippie-crap. Well, I barf in their general direction.

[Lefty Scaevola]

Originally posted by Chemical Ollie
...in the norteast corner on Europe:
Sweden-Norway-Denmark and United Kingdom

Geography challenged?