Business

Business leaders oppose euro

A group of business heavyweights have advised that Sweden shouldn’t even consider joining the Euro in the foreseeable future. The financial crisis and the fact that some Euro zone countries such as Greece and Ireland were dangerously close to bankruptcy have lead to many people who were previously in favour of joining the Euro change their opinions.

In an opinion piece published by newspaper Svenska Dagbladet, the board chairman of telecom giant Ericsson, Michael Treschow; the CEO of bank Nordea Christian Clausen; the CEO of bank SEB Annika Falkengren; and the CEO of engineering company Sandvik Lars Pettersson, all say that Sweden will be better off if the country stays away from the Euro.

“Right now it doesn’t seem to be a good idea when it is difficult to see how the euro will develop in the future and because many countries face difficulties,” Treschow told the newspaper. “What is most important now is that big economies such as the UK chose a position to help stabilise the area.”

But, he adds, if the euro stabilises it would still be beneficial for Sweden to join.

“But it seems like that is far away right now.”

But the experts don’t think that the financial crisis will mean an end to the euro.

“Maybe a few countries will be forced to leave but most of them will stay,” said Atlas Copcos’ CEO Ronnie Leten. “I’m a European and I believe in the project. We live in an open democracy and that is why it takes a little longer to do things.”

“I don’t doubt for a second that the euro will survive,” said Nordea’s CEO Christian Clausen. “The question is how long it will take to solve the most urgent problems.