Geopolitical uncertainty, digitalisation and dependence on international technology services make Sweden vulnerable to developments in the world around us. The EU is working in various ways to achieve strategic autonomy, which means that key societal functions – such as payments – should not be entirely dependent on non-European actors. The ECB’s work on a digital euro can be seen in the light of this ambition.

If the digital euro were to have a major impact in Europe, it is possible that European payment infrastructure and payment market legislation would be shaped around it, which could affect Sweden. If new infrastructure is developed with advanced and more efficient technologies, the Swedish krona needs to be technologically up to speed to remain competitive and avoid dependence on the euro. Should there be a strong demand in Sweden for the use of the digital euro, some payment flows could move away from the Swedish krona. All in all, this raises the question of the need for a possible e-krona to protect the role and competitiveness of the Swedish krona.

Such an e-krona could, by agreement with the ECB, use the euro digital platform. This would enable a major cost advantage and compatibility between Swedish and European payments. In addition, the digital euro is planned to have offline capabilities, and a possible e-krona based on the same platform could therefore strengthen Sweden’s preparedness.

The introduction of an e-krona in Sweden requires a decision by the Riksdag. To enable timely implementation, should the Riksdag take such a decision, the processes need to start as soon as possible. It is proposed that a committee on the necessary legal amendments be set up once the digital euro regulation has been finalised and the ECB has decided to issue a digital euro. This is important in order not to end up in a situation where the Swedish krona and Sweden risk losing competitiveness against the euro area. This is about Sweden’s ability to control developments in our country and to strengthen preparedness in the payment system.

The background and assessments are also described in section “New forms of money are being developed”.