Maria Borelius is a board member of the think tank Open Europe and a London based entrepreneur. She was formerly a Swedish MP and Minister for Trade. Follow Open Europe on Twitter.
Ten years ago, Sweden held a referendum on
joining the euro. I voted Yes – and I was not alone. A whole host of business leaders, including the Swedish CBI, the main political parties - both
on left and right - and the major national newspapers, all were in favour of
joining. The Swedish CBI put a record £45 million into the campaign to ditch
the Swedish Krona, as the yes-side funding outspent the no-side by a factor of
10-1.
I still remember the shock when we realised we had lost, and I heard stories from close friends about how the campaign managers on the Yes-side buried their faces in their hands as devastated business leaders fumed with disappointment. Long-faced commentators and politicians made sombre TV appearances. A clear majority of Swedes – 56 per cent versus 41 per cent - had defied the establishment and said No to the euro.
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