• Sweden edition
 
Borg grabs top spot in Financial Times' ranking

Borg grabs top spot in Financial Times' ranking

Published: 23 Nov 2011 11:11 GMT+01:00
Updated: 23 Nov 2011 11:11 GMT+01:00

”Mr. Borg wins praise for spotting early the need to strengthen the banks and tactfully explaining how Europe could learn from Sweden’s 1990s crisis in the sector. His economy also performed ex­ceptionally well in 2011, at least partly thanks to past reforms and fiscal prudence. Financial markets took note,” the paper wrote.

The 19 ministers were graded on political ability, economic performance and credibility in the markets.

Borg's opponent for the post of finance minister, Social Democrat economic policy spokesperson Tommy Waidelich, was not impressed by FT's assessment of Borg, however.

“The competition was not very harsh, not in the least due to the Eurozone crisis. Sweden has good finances and that is something we can thank Göran Persson and former finance ministers for,” he told TT.

According to Waidelich, he would have been just as likely to have nabbed the top spot had he been finance minister of Sweden.

“I would think so, but the important thing is not to get a prize but to build a Sweden that is strong for the future,” he told TT.

In each category the 19 largest European Union economies – and their finance ministers – received a ranking between 1, which was the best, to 19, at the bottom of the scale.

FT also spoke to seven leading economists, who assessed the ministers on three criteria; their lucidity, or their understanding of events, their impact on the European stage and their effectiveness at home.

”By cutting through the analytical fog in many international gatherings, he [Borg] has increased his star quality,” said Erik Nielsen, chief economist at UniCredit Bank to FT.

Number two on the list was German finance minister Wolfgang Schäuble, followed by Polish minister for finance Jacek Rostowski coming in at third place.

The ranking has been coloured by the Eurozone crisis and this is reflected by Greece and Italy finding themselves at the bottom of the list with Evangelos Venizelos at the 19th and last spot, and Italy's Giulio Tremonti at 18th.

Anders Borg is pleased with his top spot but chose to tone down his own role and spoke instead of ”team efforts”.

”We have special circumstances. We are one of the countries where there is a strong backing for a prudent economic policy. In the end it is about having stable institutions and broad support for responsible policies. Then it is easier to be finance minister,” he told news agency TT.

The experts who spoke to FT felt that the European ministers' handling of the crisis had overall left a lot to be desired.

Robert Bergqvist, chief economist of Swedish bank SEB in Stockholm, told FT that he had awarded lower scores to the ministers this year due to their ”lack of understanding of – and naive attitude to – key problems, weak individual and collective decision-making powers and uncoordinated communication during the worst economic circumstances since the 1930s.”

TT/The Local/rm (news@thelocal.se)

Don't miss...X
Left Right

Your comments about this article

14:52 November 24, 2011 by zircon
Lookie here... You probably think you're so beautiful, don't you?
13:27 November 29, 2011 by salalah
The government has cut back so much on spending that we are experiencing stagnation...

"Robert Bergqvist, chief economist of Swedish bank SEB in Stockholm, told FT that he had awarded lower scores to the ministers this year due to their "lack of understanding of - and naive attitude to - key problems, weak individual and collective decision-making powers and uncoordinated communication during the worst economic circumstances since the 1930s."

This means that the others were so lousy that even a mediocre minister looks like a rocket scientist in comparison
01:46 December 31, 2011 by Marc the Texan
And where did Sweden learn how to deal with the crisis in the '90s? They lifted it lock, stock and barrel from how Texas dealt with the Savings and Loan crisis of the 1980s.
Today's headlines
Swedish government promises cash to combat Russia threat

Swedish government promises cash to combat Russia threat

Sweden's government has pledged to invest an extra 1.3 billion kronor in the military as Russia ramps up its activities in the Baltic Sea area. READ  

Two terror plots stopped in Sweden
Swedish Security Service Headquarters in Stockholm Photo: Janerik Henriksson/TT

Two terror plots stopped in Sweden

The Swedish Security Service (Säpo) says it has stopped two terror attacks being planned by violent Islamist extremists living inside the country. READ  

Late summer sun set to hit Sweden

Late summer sun set to hit Sweden

Forecasters have predicted sunshine across Sweden this week, with a warm front moving in from Russia and temperatures of up to 25C. READ  

International police hunt
Swedish killer arrested after European hunt
Photo: Police

Swedish killer arrested after European hunt

UPDATED: Police arrested a man on Tuesday afternoon after he went missing from a psychiatric ward in western Sweden at the weekend. The man had been convicted of murdering a five-year-old schoolgirl in 2003. READ  

Music
The five best Swedish songs of the month
Swedish singer Tove Lo. Photot: TT

The five best Swedish songs of the month

The summer may be (almost) over but the music will keep on playing here at The Local. Our resident music guru Paul Connolly will be selecting his top new Swedish tracks for us in a new monthly feature. READ  

Hedgehog pet craze sweeps Sweden

Hedgehog pet craze sweeps Sweden

African pygmy hedgehogs are being bought by growing numbers of Swedes, as a trend for keeping exotic pets sweeps the country, the Department for Animal Welfare and Health tells The Local. READ  

Poisonous mushrooms cause stir in Sweden
The mushroom in this picture is not the same as the one from the story. Photo: Shutterstock

Poisonous mushrooms cause stir in Sweden

A person selling freshly-picked mushrooms in Gothenburg has come under fire after it turned out the delicacies were not only poisonous but also hallucinogenic. READ  

Pirate Bay founder case starts in confusion

Pirate Bay founder case starts in confusion

The largest hacking case in Danish history began in confusion on Tuesday, after lawyers representing Swedish Pirate Bay co-founder Gottfrid Svartholm Warg accused the prosecution of "unreasonable" tactics. READ  

Swedfund joins H&M in Ethiopia expansion

Swedfund joins H&M in Ethiopia expansion

As H&M expands into Ethiopia, Sweden's state venture capital unit Swedfund has announced that it will back the clothing giant, in a move hoped to create more jobs for local women. READ  

Elections 2014
Social Democrats reveal election manifesto
Photo: TT

Social Democrats reveal election manifesto

UPDATED: Sweden's main opposition party the Social Democrats has revealed its election manifesto at a press conference at a high school in Stockholm, with a key focus on education and welfare benefits. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Lifestyle
The five best Swedish songs of the month
Sponsored Article
Introducing… Insurance in Stockholm
National
Huge clear up underway after Skåne floods
Politics
Sweden's Alliance reveals full manifesto
Tech
Sweden's highest peak to lose title next year
Blog updates

02 September

America night (Blogweiser) »

" There was an event this weekend for the ‘Americans in Sweden’ Facebook group. I’m a member, and I brought my girls to the evening. The gathering was at a Boston-themed sportsbar in a mall. There were loads of screens, a bowling alley, a game room and a jumbotron. It was as good a place as any to..." READ »

 

25 August

Hit och dit, här och där (The Swedish Teacher) »

" Hej igen! A common challenge for Swedish language students are the location adverbs hit/här, dit/där, hem/hemma etc. Some of the location adverbs come in two versions. We should use one type of location adverb when we use a verb describes where we are, and we should use the other type of location adverb when we the verb..." READ »

 
 
 
Politics
How immigration became a key election issue
Society
Brit's life in Sweden becomes BBC radio show
Gallery
People-watching August 27
Gallery
Top ten false friends in Swedish
National
Roma advocate scoops Wallenberg prize
Society
Meet the man who made a Swedish store recall its high heels for kids
Business & Money
'How I came to run my own business in Sweden'
Politics
Expert explains why Sweden's election oozes uncertainty
National
City plays Schindler's List theme at Nazi rally
Society
For Stockholm Fashion Week, here's the A-Z of Swedish fashion
National
'Amnesiac' man avoids deportation for ten years
Gallery
Princess Estelle through the years
Business & Money
Swedish city all set for six-hour workday trial
Business & Money
Five golden rules for the Swedish job hunt
Sponsored Article
Graduates: Insure your income in Sweden with AEA
Gallery
People-watching August 22-24
National
Armed royal guards caught (very) drunk on the job
National
Sweden orders textbook on Roma discrimination
Gallery
Violent anti-Nazi demonstrations in Malmö
Society
A closer look at Sweden's five official minority languages
Sponsored Article
Find out what gives this Swedish school executive appeal
Sponsored Article
Introducing...Your finances in Stockholm
Sponsored Article
Introducing...Housing in Stockholm
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

756
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
http://psdmedia.se