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Reinfeldt pans proposed eurozone 'government'

TT/The Local/rm · 17 Aug 2011, 17:41

Published: 17 Aug 2011 17:41 GMT+02:00

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“It is important that this initiative doesn’t just lead to further meetings,” said Reinfeldt to news agency TT.

The idea of closer economic integration within the eurozone is not a new one, said the prime minister, adding that this is not the first time that Sarkozy has called for a closer economic and fiscal policy.

“The best part was decisive formulations on bringing forward the rationalization of state finances,” said Reinfeldt.

He is not in favour of a tax on financial transactions, however.

“I don’t think that it will work unless it is applied globally, for everyone at the same time. What was expressed yesterday was that it would be applied to just the eurozone,” he said.

According to Reinfeldt, Sweden is interesting because it is the only country in Europe with any experience of this kind of transaction tax.

“Our experience is that if this is applied to a limited part of a market it will generate limited revenue. And transactions move. If this is applied on the eurozone, it is easy to imagine a large part of international transactions to move to London, or perhaps Stockholm,” Reinfeldt said.

Sarkozy and Merkel also announced on Tuesday that all eurozone members should adopt laws by the middle of next year committing their governments to balanced budgets.

Story continues below…

According to Reinfeldt, however, these criteria are already part of the EU stability and growth pact. The most important issue, he argued, is not to make goals but to take appropriate action.

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

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Your comments about this article

19:34 August 17, 2011 by zircon
It's also on 3D.
08:31 August 18, 2011 by karex
Agree with Reinfeldt. In Brazil for instance, every time the government overspends and needs to create new revenue to cover the hole they ressurect this tax. All it does is kill business which is moved overseas. People remove all their money from savings accounts in advance, and stop investing in anything. Then they open up a class-action suit because in Brazil you can sue the government, and win on the grounds that 1) the tax is unconstitutional, 2) it is double taxation since they already pay income tax.
11:01 August 18, 2011 by Nemesis
As usual Reinfeldt is howling in the wilderness without a clue.
14:22 August 18, 2011 by LundenLad
so this Tobin Tax falls on all 27 EU countries to support the 17 eurozone countries, and does it fall mainly on France or Germany? or on someone else ?

Why not a 15% levy on fast cars or stinky cheese ?

17:53 August 18, 2011 by Uggla
Oh he bothers me.
17:20 August 19, 2011 by tadchem
"The human race divides politically into those who want people to be controlled and those who have no such desire." - Robert A. Heinlein
12:00 August 20, 2011 by Imperor
When compared to politicians internationally I have to admit that Reinfeldt is pretty rational... But I seriously don't think that that is a good thing! :-(
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