• Sweden's news in English

Borg voices concern over EU bank talks

AFP/The Local · 10 Nov 2009, 15:13

Published: 10 Nov 2009 15:13 GMT+01:00

Facebook Twitter Google+ reddit

Amid British opposition to a new system, first agreed in principle in the summer as a response to the financial crisis, the Swedes fear key EU member states have "not drawn the right lessons from the economic crisis."

"The most important part of the (exit strategy) is building the new financial supervisory infrastructure," said Swedish Finance Minister Anders Borg after a meeting of EU counterparts.

Borg warned failure to reach a deal would be "very problematic for Europe," adding: "That is the make or break issue."

"If we don’t have a decision in December, on the whole package, both the macro and the micro supervision, then I have to say we have not drawn the right lessons from the economic crisis.

Britain in October blocked EU financial reform proposals it said impinged on its fiscal sovereignty.

Agreement will only come after the London parliament revisits the issue after ministers agreed then to allow "further political negotiation."

Story continues below…

The British Treasury has said it wants to preserve the City of London's status as the most powerful financial centre in Europe and fears that current proposals risk leaving loopholes that could undermine that status.

AFP/The Local (news@thelocal.se)

Facebook Twitter Google+ reddit

Your comments about this article

20:19 November 10, 2009 by Nemesis
The British government's stance on this issue is nonsense. It is purely the UK pandering to the USA as usual.

The German proposals are very good and will help Europe to avoid an economic crisis as has just occurred.

Banking regulation needs to be completely overhauled.
21:41 November 10, 2009 by tigger007
i must say that i agree with you on this and i'm suprised that i am.

it needs to overhauled and have a check and balance system. as we all know that if the banking system goes unchecked these things will happen over and over again. the british treasury doesn't want to loose it's power to this new regulation(socialist regulation)and you have to remember that the usa treasury and the uk treasury sleep in the same bed! they are capitolistic states!
10:09 November 11, 2009 by Nemesis
@ tigger007

It is not socialist regulation. It is nothing to do with socialism or capitalism.

It is purely to do with banks prioritising greed at the expense of nations. Every banking director knows that the present reulation is a joke and will use that to line there pockets at the expense of the nation in General.

All European states are capitalist. Take a look at how many multinationals have been created in Europe. Anyone who thinks Europe is not capitalist has not been to europe, is deluded or insane.

In Sweden, Swedbank needs to be nationalised and its entire staff above branch manager fired and removes its entire method of doing business. The same applies to Allied Irish bank in Ireland. As for the US banks, so many of them have failed it is ridiculous.

The entire banking system in the USA, Italy, United Kingdom, Ireland and Iceland need to be dismantled and rebuilt. There is no point claiming they will change, with the same people running the banks.

There needs to be heavy regulation of the banks to stop them from destroying the capitalist system.

All banks need to be regulated to the point they have to back up investments and speculation with assets.

When the banks started to crash, they stopped arranging capital for small to medium sized business's with full order books. That action made millions unemployed.

The choice is, either regulate the banks or destroy capitalism. I know which side I am on.
Today's headlines
How Sweden is trying to smooth relations with Saudis
Swedish Prime Minister Stefan Löfven meeting Saudi Arabia's Trade Minister Majid bin Abdullah Al Qasabi. Photo: Henrik Montgomery/TT

Sweden's Prime Minister Stefan Löfven has visited Saudi Arabia a year and a half after relations turned frosty in a major diplomatic row.

My Swedish Career
'Swedish people love it, but they find it quite odd'
Scottish entrepreneur William Macdonald. Photo: Michael Campanella

Meet the web developer and entrepreneur using traditional Scottish ceilidh dancing to break the ice with Swedes.

Swedish photographer shot near Mosul
Hansen was being operated on in the Iraqi city of Erbil on Sunday. Photo: Nora Lorek/ TT

Paul Hansen, a photographer working for Swedish daily Dagens Nyheter, has sustained light injuries after being hit by what appears to be a sniper while covering the battle for the Isis-held city of Mosul in Iraq.

Trollhättan remembers school attack victims
'It was an attack on all of Sweden,' Education Minister Gustav Fridolin said. Photo: Thomas Johansson/ TT

Hundreds of people on Saturday turned out for a torchlight procession in the small town of Trollhättan in southwestern Sweden to honour the victims of last year’s deadly school attack there.

Sweden wants emission- free cars in EU by 2030
Photo: Jessica Gow/ TT

Sweden's environment minister on Saturday urged the European Union to ban petrol and diesel-powered vehicles from 2030.

Hundreds protest Swedish asylum laws
Around 1,000 people protested in Stockholm. Photo: Fredrik Persson/ TT

Hundreds of people on Saturday demonstrated in Stockholm and in many other parts of the country to protest Sweden’s tough new laws on asylum-seekers.

Dylan removes Nobel-mention from website
The American musician has more or less responded to the news with silence. Photo: Per Wahlberg

American singer-song writer Bob Dylan has removed any mention of him being named one of this year’s Nobel Prize laureates on his official website.

Refugee crisis
Asylum requests in Sweden down by 70 percent
Sweden's migration minister Morgan Johansson. Photo: Christine Olsson/TT

Sweden received 70 percent fewer requests for asylum in the period between January and September 2016 than it did during the same time last year, the country’s justice and migration minister Morgan Johansson has revealed.

The unique story of Stockholm's floating libraries
The Stockholm archipelago book boat. Photo: Roger Hill.

Writer Roger Hill details his journeys on the boats that carry books over Stockholm's waterways and to its most remote places.

Refugee crisis
Second Stockholm asylum centre fire in a week
The new incident follows a similar fire in Fagersjö last week (pictured). Photo: Johan Nilsson/TT

Police suspect arson in the blaze, as well as a similar incident which occurred last Sunday.

Sponsored Article
This is Malmö: Football capital of Sweden
Fury at plans that 'threaten the IB's survival' in Sweden
Sponsored Article
Where is the Swedish music industry heading?
Here's where it could snow in central Sweden this weekend
Analysis & Opinion
Are we just going to let half the country die?
Blog updates

6 October

10 useful hjälpverb (The Swedish Teacher) »

"Hej! I think the so-called “hjalpverb” (auxiliary verbs in English) are a good way to get…" READ »


8 July

Editor’s blog, July 8th (The Local Sweden) »

"Hej readers, It has, as always, been a bizarre, serious and hilarious week in Sweden. You…" READ »

Sponsored Article
7 reasons you should join Sweden's 'a-kassa'
Angry elk chases Swede up a lamp post
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
The Local Voices
'Alienation in Sweden feels better: I find myself a stranger among scores of aliens'
People-watching: October 20th
The Local Voices
A layover at Qatar airport brought this Swedish-Kenyan couple together - now they're heading for marriage
Sponsored Article
Stockholm: creating solutions to global challenges
Swede punches clown that scared his grandmother
Sponsored Article
Swedish for programmers: 'It changed my life'
Fans throw flares and enter pitch in Swedish football riot
Could Swedish blood test solve 'Making a Murderer'?
Sponsored Article
Top 7 tips to help you learn Swedish
Property of the week: Linnéstaden, Gothenburg
Sponsored Article
How to vote absentee from abroad in the US elections
Swedish school to build gender neutral changing room
People-watching: October 14th-16th
Sponsored Article
'There was no future for me in Turkey'
Man in Sweden assaulted by clowns with broken bottle
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Nobel Prize 2016: Literature
Sponsored Article
Stockholm: creating solutions to global challenges
Watch the man who discovered Bob Dylan react to his Nobel Prize win
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Record numbers emigrating from Sweden
Sponsored Article
'There was no future for me in Turkey'
People-watching: October 12th
Sponsored Article
Where is the Swedish music industry heading?
The Local Voices
'Swedish startups should embrace newcomers' talents - there's nothing to fear'
Sponsored Article
Last chance to vote absentee in the US elections
How far right are the Sweden Democrats?
Property of the week: Triangeln, Malmö
Sweden unveils Europe's first elk hut
People-watching: October 7th-9th
The Local Voices
Syria's White Helmets: The Nobel Peace Prize would have meant a lot, but pulling a child from rubble is the greatest reward
Missing rune stone turns up in Sweden
Nobel Prize 2016: Chemistry
jobs available