21st Jul 2019

Swedish Crown rebounds against euro

After the Swedish ‘no’ to the euro on 14 September , the rate of the Crown continues to rise, ahead of predictions by the Swedish government.

On Wednesday one euro would buy 8.91 kronor and one dollar 7.78 kronor. The government's prognosis said 9.10 kronor for a euro and 8.43 kronor for a dollar before the end of the year.

Read and decide

Join EUobserver today

Support quality EU news

Get instant access to all articles — and 18 year's of archives. 30 days free trial.

... or join as a group

This means that that the Swedish foreign debt has been reduced by 11bn kronor (1.2bn euro) and that the interest burden will be reduced, enabling the Swedish state to reduce the amount of euro loans.

Another positive effect will be that Sweden will save money on its contribution to the EU, as this is calculated in euro.

Also, imported goods, such as oil, cars and electronic apparatus will be cheaper.

However, there are also downsides. The export industry will, to a certain degree, be handicapped in international competition, creating a risk of growing unemployment and consequently more expenses for the state, accroding to Dagens Nyheter.

Norway's high krone

Even the Norwegian krone continues to rise against the euro and the dollar, creating a difficult situtation for the the country's Central Bank leader, Svein Gjedrem, reports Norwegian paper Aftenposten.

The interest rate has been halved in the hope of resulting in a weaker krone and a reduction in imports.

Leading economist in Nordea, Steinar Juel, offers this explanation to Aftenposten: "The signal's from this weekend's G-7 meeting was that the world's most powerful country wants a weaker dollar, particularly against Asian currencies.

The market's answer has been to abandon the dollar. This has made both Norwegian kroner and Swedish kronor more popular and strenghtened them."

EU hesitates to back France over US tariff threat

France has passed a new tax on tech companies that will affect US global giants like Facebook. Donald Trump has threatened retaliatory tariffs over it. The EU commission says it will "coordinate closely with French" on the next steps.

EU banks more vulnerable to shocks than feared

Eurozone banks, such as Deutsche Bank, might be much more vulnerable to a repeat of the 2008 financial crisis than EU "stress-tests" have said, according to a new audit.


Romania enlists priests to promote euro switchover plan

Romania is due to join the single currency in 2024 - despite currently only meeting one of the four criteria. Now the government in Bucharest is enlisting an unlikely ally to promote the euro to the public: the clergy.

Trump and Kurz: not best friends, after all

The visit of Austrian chancellor Sebastian Kurz to the White House on Wednesday showed that the current rift in transatlantic relations is deepening by the day.

Stakeholders' Highlights

  1. UNESDAUNESDA reduces added sugars 11.9% between 2015-2017
  2. International Partnership for Human RightsEU-Uzbekistan Human Rights Dialogue: EU to raise key fundamental rights issues
  3. Nordic Council of MinistersNo evidence that social media are harmful to young people
  4. Nordic Council of MinistersCanada to host the joint Nordic cultural initiative 2021
  5. Vote for the EU Sutainable Energy AwardsCast your vote for your favourite EUSEW Award finalist. You choose the winner of 2019 Citizen’s Award.
  6. Nordic Council of MinistersEducation gets refugees into work
  7. Counter BalanceSign the petition to help reform the EU’s Bank
  8. UNICEFChild rights organisations encourage candidates for EU elections to become Child Rights Champions
  9. UNESDAUNESDA Outlines 2019-2024 Aspirations: Sustainability, Responsibility, Competitiveness
  10. Counter BalanceRecord citizens’ input to EU bank’s consultation calls on EIB to abandon fossil fuels
  11. International Partnership for Human RightsAnnual EU-Turkmenistan Human Rights Dialogue takes place in Ashgabat
  12. Nordic Council of MinistersNew campaign: spot, capture and share Traces of North

Latest News

  1. EU goes on holiday as new UK PM arrives This WEEK
  2. Survey: Half of EU staff 'don't know' ethics rules
  3. Von der Leyen signals soft touch on migrants, rule of law
  4. Timmermans: von der Leyen will be tough on rule of law
  5. Timmermans trolls 'idiot' Brexit negotiators
  6. Rudderless Europe: Will real Germany please stand up?
  7. PiS & Fidesz claim credit for von der Leyen victory
  8. Von der Leyen faces gender battle for commission posts

Join EUobserver

Support quality EU news

Join us