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Sweden gets a seat at the eurozone table
Fredrik Reinfeldt speaking to the press after the meeting in Brussels

Sweden gets a seat at the eurozone table

Published: 31 Jan 2012 10:07 GMT+01:00
Updated: 31 Jan 2012 10:07 GMT+01:00

Sweden will join the eurozone pact on fiscal discipline, according to prime minister Fredrik Reinfeldt who claims that all Sweden's demands have been met.

”The attitude to shut the world out won't create welfare and growth in Sweden, on the contrary,” said Fredrik Reinfeldt, stressing that unstable state finances in the eurozone aren't good for Swedish exports.

Reinfeldt told news agency TT that all the demands that the the Swedish Riksdag had posed in order for the country to join the pact have been met, including allowing Sweden to participate in summit meetings for eurozone members

Out of the 27 member states only Britain and the Czech Republic didn't announce their intent to participate on Monday.

”What the eurozone countries are going to do is what Sweden has done in the last 15 years,” Reinfeldt said.

He was also pleased that Sweden's right to decide if the euro will be introduced should be clearly stated in the pact and that Sweden will be guaranteed the right to attend summit meetings of eurozone countries.

Apart form Sweden's guaranteed summit participation, non-eurozone countries will also be allowed to join the discussion on competitiveness, on changes in the global structure of the eurozone, and on the fundamental regulations of the monetary union.

With these conditions met, Reinfeldt argued that all the demands made by the opposition in the Riksdag's Committee on the European Union have been met.

”If I have a mandate from the EU Committee, then I must act upon it,” Reinfeldt told TT.

The so-called fiscal "compact" to tighten budgetary discipline and economic governance between the 17 eurozone nations is one of the main issues on the agenda when leaders of the 27-nation EU met in Brussels on Monday.

All EU states except Britain have agreed to consider signing the fiscal compact, the aim of which is to avoid a repeat of the debt crisis in the eurozone.

The pact is expected to be formally accepted at an EU summit on March 1 and 2.

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

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Your comments about this article

10:25 January 31, 2012 by johan rebel
Just goes to show how desperate the Euro disaster zone politicians were to get Sweden on board, conceding to all demands made by an otherwise puny and insignificant country.
10:40 January 31, 2012 by Kevin Harris
.The deck chairs on the European Titanic have been shuffled about, and the great ship slips sublimely across the icy ocean. What can possible go wrong? This ship is unsinkable. Fire up another boiler captain. More gin and tonic old chap? Jack and Rose shag in a car. Oh, what's that great white object looming out of the gloom ahead of us? Why it's Portugal, Spain, Greece and Italy's national debt piled on top a dung heap of hubris and lies. It's huge! Turn the ship captain. Engage the reversing engine. Crunch! I won't let go Jack. Who's that coming to rescue us? Why it's the British and Czechs on the SS Carpathia. Blow the whistle Rose. There's one still alive over here Lieutenant Hornblower.
11:54 January 31, 2012 by skogsbo
they only want Sweden's money, Sarkosy can't exactly go creeping to Britain for any money now, after what he has said this week. Blow one bridge up, try and build another. Either way, better off not investing in a sinking ship.
11:56 January 31, 2012 by Mb 65
I think Reinfeldt is after a seat in the European union when he is no longer Sweden's PM. We don't want the Euro.
12:23 January 31, 2012 by Thebinary1
RIP Sweden.

Cause of death:

1. Being pwned by the larger economies of Europe, and

2. Being pwned by the smaller economies of Europe

Could somebody inform the ignorant Dear Leader (Reinfeldt) that a country only gains leadership status in the Euro Region by having the largest population, and not by intelligence.
13:28 January 31, 2012 by lewni
What a waste...
18:34 January 31, 2012 by Dekka
But it's brilliant. Sweden is getting much without giving a thing. She is getting a seat at the Eurozone table while preserving her - not so legal - self exemption from joining the euro. She participates to the new fiscal eurozone pact with no legal consequences at all and no commitments. And I heard Mr. Reinfeldt was an excellent porte-parole for a - not so popular - German idea regarding Greece. So well done I guess.
18:35 January 31, 2012 by braindeadamerican
There's a lot about Swedish monetary policy I don't understand, like dropping the 50 öre coin. Heck, American pockets are still weighed down with the useless penny (about 10 öre). I still think the Swedes are going too fast for inflation.

However, I'm glad to see that Reinfeldt and his government aren't moving too slowly on getting involved with the eurozone. Eurozone monetary policy is a kick the can game between Merkel, Draghi, Sarko, and an assorted cast of characters. Maybe the non-euro nations like Sweden can actually work some sense into the dithering eurozone heavyweights.
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