Sweden is officially reopening the debate on adopting the euro, more than two decades after voters rejected the single currency.

Finance Minister Elisabeth Svantesson announced that the government will back a formal review into whether Sweden should replace the krona with the euro. The inquiry is expected to begin after September’s general election.

The move marks the clearest sign yet that Stockholm is reconsidering its position. In 2003, Swedes voted against joining the eurozone in a national referendum. Since then, the issue has largely been off the political agenda.

But the security landscape has changed dramatically.

Following Russia’s invasion of Ukraine, Sweden abandoned decades of military neutrality and joined NATO. Now some lawmakers argue that deeper economic integration with Europe should follow.

Supporters say adopting the euro would strengthen Sweden’s ties with the European Union, which already accounts for more than 60 percent of the country’s goods trade. They also argue it would give Sweden greater influence over economic decisions taken within the euro area.

Prominent economist Lars Calmfors, who previously urged caution ahead of the 2003 vote, has said geopolitical conditions today are “very different” and merit fresh evaluation.

Business leaders have also voiced support. Investor Christer Gardell has criticized the krona as too small and volatile, saying euro membership would remove currency risk for exporters trading heavily with Europe.

However, significant hurdles remain. Public opinion is divided, and several political parties have yet to commit to supporting euro membership. Most leaders agree that any final decision would likely require another national referendum.

If Sweden ultimately decides to proceed, the transition would take several years and require meeting eurozone entry criteria, including a period of exchange-rate stability.

For now, the government’s decision to launch a review signals that a question once thought settled is back at the center of Swedish politics.