Sweden has voted to reject the euro. European governments may be inclined to see the results as an expression of Swedish exceptionalism. That would be a mistake. Despite an emotionally charged campaign, the outcome reflects a careful consideration of the country's national interests. European leaders need to reflect on the message they have been sent.

Sweden's support for Europe has always been tentative. The country maintained armed neutrality during the Cold War (although it was assumed that the country would fight alongside the West in the event of a conflict). It remains outside the North Atlantic Treaty Organization to this day. It only joined the European Union in 1994, and opponents of that move led opinion polls until only a few weeks before the vote. This time, too, the "nos" were favored, even though the government of Prime Minister Goran Persson and the country's business community all favored adoption of the euro.

The murder of Foreign Minister Anna Lindh the week before the vote injected a highly emotional dimension to the ballot. Ms. Lindh, killed while shopping, had campaigned in favor of the single currency. To Sweden's credit, the vote went ahead as scheduled, and the tragedy of Ms. Lindh's death did not influence the results. The final tally was 56.1 percent against membership in the single currency and 41.8 percent for. Turnout was 81.2 percent. Only the Stockholm region and Skane in the south voted for the euro.