Monday, May 22, 2017

EU Leak: Sweden Has To Adopt The Euro By 2025

Via Business Insider:

Frankfurter Allgemeine has taken part of documents detailing plans to introduce the euro in all member countries by 2025 – including Sweden.

The leaked "reflection paper" outlines discussions between EU officials who met on Monday to prepare for an upcoming EU-commission meeting on the future of the euro on May 31st, writes SVT.

According to Frankfurter Allgemeine, the officials discussed a target that would force all EU members to join the euro by 2025.

The idea woule be to give the EU-parliament "democratic control" over the euro area's fiscal policy, as opposed to the current setup, where euro area finance ministers make decisions behind closed doors.

But shortly after the leak became public, it was refuted by EU-commissioner Valdis Dombrovskis, who took part in Monday's meeting. He claims the true purpose of the plan is to "complete" euro area cooperation, not to force member countries into the currency.

"Of course we do encourage all member states to join as soon as they meet the prerequisites. But there is no specific time limit", Dombrovskis said, according to news agency Direkt.

Under the current EU treaty, Denmark would have the right to opt out if a "forced" decision were to be taken.

Additional EU-countries without the euro are Czech Republic, Croatia, Poland, Bulgaria, Romania and Hungary.

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