EMU is an integrated part of the EU and all member countries except Denmark and the UK, are obliged to join as soon as they meet the established criteria. There is no obligation whatsoever to hold a referendum on the issue.

The decision to join the EU, and thereby the EMU, has already been approved by the Swedish people in a referendum. The accession agreements are valid without time limitations, which means that it would be difficult or impossible to leave the Union.  There are no rules or procedures for this eventuality. An attempt to leave the EU must be governed by Public International Law as laid down in various conventions. The present Convention of the Future of Europe may come up with a proposal for rules in this respect, which is at least the intention of the President.

Sweden is, then, legally –and certainly morally- obliged to join the EMU. The EU information service of the Swedish Parliament seems to think that a “no” to the EMU would be such a fundamental change that the pre-conditions for a EU membership are no longer valid and would oblige us to initiate a procedure, according to the principles of International Law, for leaving the EU.

It is, of course, highly unlikely that this would happen.  The likely consequences of a “no” would be that the Commission as well as the Swedish Government will have to continue to invent contrived arguments each year as to how  Sweden, in one way or another, does not meet the Maastricht criteria.  This is an unworthy spectacle and will have to stop sooner or later.

So far, the alleged reasons for Sweden not being qualified to join the EMU have been that the exchange rate has been too volatile and that the law governing the Riksbank has some technical flaw. A quick look at the chart in Är svensk penningpolitik möjlig eller nödvändig ? makes it clear that at least since the beginning of 2002 the exchange rate of the Krona has followed the Euro close as a shadow. The non-compliance argument becomes more and more hollow.

A “no” in the referendum is equal to a “no” to fulfilling our contractual obligations.  It is also a “no” to the remarkable attempts of unification, peacekeeping and  international solidarity despite different interests and opinions that are going on in Europe.

Footnote:  In Nov. 2002 the Parliament decided on a far-reaching change in the Instrument of Government.  Following this decision Parliament now has the right to transfer any decision-making (except concerning the form of Government) to Brussels and this without any further formality. This applies also to such areas as taxation, defense policy etc. This means in clear words that fundamental parts of our “national sovereignty” now can be transferred to Brussels through a simple majority decision in the Parliament! There was never any talk about holding a referendum when this rather important decision was under preparation and, indeed, few people seem to worry or notice.