Borg: No euro membership for Sweden

Sweden's new finance minister Anders Borg has said that Sweden will not join the euro in the foreseeable future.

Borg made set out his position on the single European currency as he attended his first meeting of EU finance ministers in Luxembourg.

“I will say that we are prioritizing employment and making it profitable to work,” Borg told journalists on his way into the meeting.

Borg said he would also tell his European counterparts that the new Swedish government will concentrate on keeping the state finances in good order.

Sweden rejected adopting the euro in a referendum in September 2003. Borg’s Moderate Party, together with the then-ruling Social Democrats, had campaigned for a Yes vote.