Sweden spurns the euro

Europe's unifiers have been profoundly shaken by Sweden's unambiguous decision to steer well clear of the euro for the time being. Both the Riksbank and the ECB have since publicly been at pains to clarify that the result of the referendum will have no effect on their policies or their currencies.

But privately, one suspects that their disappointment is widespread. As an institution, the Riksbank came out in favour of introducing the euro long ago (which is more than the Bank of England has

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