At the time, we pointed out that almost 70 per cent of the Swedish national income is comprised of wages. The entry of the euro into Sweden is therefore largely determined by Swedish households. Why would they choose the euro over the krona? There is little incentive to do so, as long as their wages are used for goods, services, mortgage interest payments and other items denominated in kronor. The rest of the national income is the operating surplus generated in companies and that is used to increase the owners' wealth or paid out in dividends. A large number of these companies used have Swedish owners, who cannot be assumed to have any motive for changing over to the euro in the reporting of their balance sheets. Given this, it is reasonable to ask why we had a debate on the repression of the krona at all. I myself believe that it stemmed from the over-enthusiasm of some EMU supporters. They were quite simply convinced that Swedes would not be able to resist the attraction of the euro. As an EMU supporter, I can of course see the advantages of the euro, but to believe in a general, spontaneous transition would be going too far. This meant that the idea of a 'euroisation' was also a bad argument in the debate prior to the start of the EMU. If the Swedes are to be won over to the idea of the EMU, we should be emphasising the facts.
There is no reason to believe that fewer countries should apply the new rules. The work in the international organisations is laborious and complicated, as there are many countries that have to reach agreement. In other words, it requires both patience and foresight. A large portion of humility is also good, as our knowledge of these issues is limited. As the financial markets are constantly undergoing change, the work on improving their methods of working should be a constantly ongoing process. Conclusion Over the past few decades, there has been an extensive process of deregulation in many countries, particularly on the financial markets. And exactly as in the latter part of the 19th century, capital can move more or less freely between different countries. Deregulation has gone hand in hand with rapid technological developments, particularly within the field of information and communication. This has, just as in earlier periods of internationalisation, led to an accelerated global growth. The process has created opportunities for many countries to escape from the poverty trap. The work on implementing the single market and introducing the euro can be seen as part of the larger international pattern. The deregulation on the single market strengthens competitive pressure and increases flexibility in the European economies. The euro has lain the foundation for continued integration of the financial markets. Sweden is actively participating in the work on developing the single market, but has so far chosen to remain outside the single currency co-operation.