Amid global uncertainties, including Donald Trump's policies, two contributors to Dagens Nyheter debate whether Sweden should adopt the euro or keep the krona. Olov Törnqvist warns against rushing like the NATO accession, while Peter Lowe views the euro as a safeguard against U.S. influence.
On December 12, 2025, Dagens Nyheter published two letters to the editor highlighting the ongoing debate on Sweden's currency in an uncertain world. Olov Törnqvist argues for retaining the Swedish krona, citing the U.S. administration's turn away from Europe and the euro. He writes: "With the American administration turning its back on Europe and the euro, it is best in this situation to keep our own currency." Törnqvist references Lars Calmfors' investigation commissioned by Stiftelsen Fritt Näringsliv, which examined the euro issue from a twenty-year perspective. He accepts the report's analysis of consequences but warns that joining the eurozone lacks a way back and advises to "wait and see" given the dissolving international legal order, war in central Europe, and Sweden's strong economy. He draws a parallel to the NATO accession, where the alliance needed Sweden more.
In response, Peter Lowe, a Center Party member in Stockholm, advocates replacing the krona with the euro to bolster Sweden's voice in the EU. He criticizes Törnqvist's view and claims Trump seeks to divide Europe, support right-nationalist parties, and dissolve the union. Lowe writes: "Introducing the euro in Sweden would be a guarantee against Trump's attempts to control us." He stresses the need for full EU membership to make the EU a strong global actor, enhancing security, welfare, and competitiveness. Lowe also cites the Calmfors report, stating it is "high time to introduce the euro in Sweden."
The debate reflects broader geopolitical tensions and economic considerations since the 2003 referendum.
