‘It is southern Europe’s problem’: Reinfeldt
Published: 11 Jun 12 16:59 CET | Print version
Online: http://www.thelocal.se/41380/20120611/
Prime Minister Fredrik Reinfeldt said on Monday that Sweden is relatively safe from the Spanish crisis as the country mainly trades with countries like Germany, Britain and Norway.
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“But of course it is true that the problems experienced in the Eurozone will affect us too," he said.
Therefore, Reinfeldt thinks it is important that the Eurozone not just solve their problem, but that they do it in the right way and see what’s at the core by looking to improving the continent's competitiveness,” he said.
Ultimately it is about dealing with financial problems and mounting debt in countries where resources are limited. Reinfeldt also called for demand to be stimulated both through domestic consumption and through exports.
“All this has to be achieved and these are solutions on a national level.” Reinfeldt said.
Reinfeldt hopes that it will be possible to avoid negative effects in Sweden, on interest rates and the labour market.
“We don’t want a market evaluation of us in Europe where we are not judged on our own merits,” said Reinfeldt.
Reinfeldt also called for the Spanish banks' shareholders and creditors to face up to their responsibilities.
Only once shareholders and creditors have acted would it be appropriate for state support to be made available, he said.
“And not until the third stage should it come down to stabilization mechanisms and then states can apply to be considered. A fourth possibility is that the banks themselves can apply” he told TT.
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I suggest Reinfeldt to wait for couple of years, and will see how much the whole Europe is going to collapse!
but then...
> But of course it is true that the problems experienced in the Eurozone will affect us too
So it is Europe that is in trouble after all...
With almost 3 years of economical crisis many forgot the the currency has been a driving economic motor for the euro-members, not the least for Sweden which export goes mainly to the common market. It has been euro-skeptic parties that weakened the EU, not the currency itself.
We need a financial union and competent supranational institutions to rule the common market, this is basic economics. For many it would mean the end for european nations' sovereignty, I ask you, what is sovereignty now? The exclusive right to mint coins? we have a common currency. To chose a specific foreign policy and eventually wage war? most countries are NATO members and/or follow the european foreign policy.
That people like it or not the world is globalized, we share common benefits and challenges. Thus a federal europe shall be a driving motor for regional economic growth, leading, on the long term, to welfare for each state and making the EU a real actor in the world.
iam thinking about running away from my loved country.
If Spain, Europe's fourth largest economy, return to the peseta the UE is over. Many European banks are highly exposed to the Spanish debt, if they fall apart it the whole system follow, Europeans shall then see their purchasing power dropping drastically so the Spaniard won't be able to sell their goods on the common market, where the major part of its export goes. What worked for Iceland cannot work for a big state member of the eurozone especially since the structural reforms done in Iceland are far to be as good in Spain.