EC Regrets Sweden's No to Euro

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Last updated at: (Beijing Time) Monday, September 15, 2003

EC Regrets Sweden's No to Euro

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The European Commission (EC) said Sunday it was confident that the Swedish government would "keep the euro project alive" after Sweden rejected the move to join the 12-nation euro zone in a referendum.

"The euro, our currency, has brought and will continue to bring advantages to the euro zone economy. The euro has provided much-needed stability in the individual member states' economies," the European Union (EU) executive said in a statement.

Even though the euro was the world's second most important currency after the US dollar, it was still a young currency and its full impact had still to work its way through the euro area economy, the EC said.

Sweden voted decisively to reject the euro in Sunday's referendum, with 56 percent of ballots going to No side.

The result means that euro has failed its first test since the new notes and coins were introduced at the beginning of last year.

Among the 15-nation EU countries, only Sweden, Denmark and Britain are refusing to use the single currency.

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