Get out of the sandbox! Get into the EMU!

In conjunction with the financial turmoil in Greece and Europe, there is a gathering of those who are greedy, self-absorbed, isolationist, and anti-solidarity. In Sweden we can hear them screaming like children in the sandbox since they believe that Sweden should not join the Economic & Monetary Union (EMU) and change the currency from SEK to the Euro. It seems that some people in Sweden want to exclude themselves from membership in the EU, EMU, NATO, and even the UN.

I strongly disagree! For me, it is evident that Sweden should be a part of the EMU for at least four reasons:

Solidarity: When Sweden started its fight against poverty 200 years ago, among other things, to avoid a revolutionary war like ones in Russia, the US, France, or Germany, their approach was to distribute our resources and wealth in ways that supported solidarity and created equality among our people and our society as a whole. In the rest of Europe, after several bloody wars, the European Union (EU) was formed in order to distribute the steel and coal resources equally, thereby eliminating the reason for war and establishing long and lasting peace in Europe.

My question is why can’t the wealthy Swedes, in the name of solidarity, accept this kind of approach outside of our borders in order to help nations in need and build a solid partnership with them? Why is it that our solidarity ends at our borders?

This is politically isolationist and a socially naive approach.


Competitiveness: Sweden is a small nation, with a small population, consequently resulting in small internal trade. We are very dependent on our export markets and the success of our export industry that generates wealth and income to our country. Our export industry has been flourishing due to the fact that we have always been technically innovative and commercially hungry. But the world has changed! Today the global economy does not shy away from any borders, which is why we need to cooperate and build partnerships to maintain our global competitiveness – be it in Sweden or in Europe. This is especially so now when the tiger economies are challenging us and when we need to challenge the political and economic hegemony of the US.

To be a member of the EMU is a strategic necessity to maintain and develop our global competiveness and guarantee the continued creation of wealth for the people of Sweden and the people of Europe.


Economically Sound: The capitalist system, as we know it today, is the best system that creates development and wealth for individuals, communities, and entire nations. Based on this system and within almost 200 years the US economy has been the most rapidly growing and strongest nation in the world. China, politically a Communist country, has implemented a capitalist economic system and has since evolved to being one of the fastest growing economies in the world.

What we have to understand and be aware of, however, is that a capitalist system is inherently unstable. During hard times the governments need to implement 'Keynesian’ policies, with high intervention with significant government spending and borrowing in order to ward off complete economic disaster and prop up the financial system. Post-crisis, however, ‘non-Keynesian’ policies are necessary with free-market principles while cutting government debt. This is a principle we have applied in Sweden and in the U.S and it works! The same solutions should be applied to the financial crisis in Greece, but here on a European level.

This is economically sound!


Political control: Sweden is a member of EU, but not a member of the EMU. It is tragic and senseless! We should, of course, be part of the decision making process of the monetary system since we are a member of the EU. To stand outside looking in is not a sensible approach. We should be inside and looking out instead!
It is purely common sense to walk the entire mile…


I know that all EMU opponents can prove through statistics and facts that EMU is not good for Sweden and likewise, the EMU supporters can do the same. What I'm trying to argue for is that we stop and raise our heads above the figures, the microeconomic rhetoric, and the morass of mathematics, and try to think big and outside of the box instead. We should think about a long term economic approach, a politically sound direction, and with a reasonable view that embraces solidarity. We have to leave our comfort zone and realize that Sweden is very much a part of the world and not just an isolated Scandinavian peninsula. We need to understand and accept that we are dependent on one and other, that we need one another, and by that it is evident that we should be a part of the EMU!
And if that doesent apply to Sweden and the Swedes, may I throw in another suggestion to the debate? Why don’t we join the race with the US and change our currency to the American dollar? It is historically a strong currency, pretty stable over time, especially in a financial turmoil, and it is the most global currency in the world. The majority of the dollar currency in circulation today can be found outside of the US.

Think progressively!