Sweden is a Northern European Nordic country. It is the fifth largest in the continent and the third largest within the EU. The capital and largest city is Stockholm. The country holds 1.9 per cent of the total EU population. Sweden has a parliamentary constitutional monarchy, and its currency is the Swedish Krona.
Before Sweden was accepted into the EU, it was a member of the European Free Trade Association (EFTA) beginning from1972. In 1992, it signed to become a member of the European Economic Area (EEA). Membership in the EEA ensures participation by non-EU countries in the Single Market Programme (SMP).
Sweden became a member of the European Union (EU) in 1995 and the country has since then been integrated into the EU’s internal market under the Single Market Programme (SMP).
The Swedish economy has benefited since its full accession to the EU. The country holds 20 seats in the European Parliament and held the revolving presidency of the Council of the EU twice, in 2001 and 2009. It is also a member country of the Schengen Area since March 25, 2001.
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