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Reinfeldt: markets 'don't want' EU treaty changes

AFP/The Local · 8 Dec 2011, 12:01

Published: 08 Dec 2011 12:01 GMT+01:00

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"Judicial changes to the treaty that might take longer time might be needed, but I don't think that's the solution markets following us are actually looking for," Reinfeldt said in the French port of Marseille.

Reinfeldt's comments refer to a plan put forward on Monday by French President Nicolas Sarkozy and Germany Chancellor Angela Merkel calling for a new EU treaty that includes tougher budgetary rules to address the eurozone debt crisis.

European powerhouses France and Germany are pushing for EU treaty changes to be agreed at the Brussels summit to ensure tighter fiscal discipline for debt-hit eurozone nations in a bid to reassure nervous markets.

"The markets are looking into if we get enough firepower in the firewall and if we do enough when it comes to increase fiscal discipline and also reforms in the most troubled countries," Reinfeldt said.

"There are the solutions," he said on the sidelines of a meeting of conservative EU leaders in Marseille.

Eurozone nations have been holding intensive debt crisis talks to find ways to bolster their financial firewall ahead of the summit, which begins on Thursday evening.

Possibilities include allowing two rescue funds to exist temporarily side-by-side instead of just the single bailout fund currently in existence -- the European Financial Stability Facility (EFSF).

Story continues below…

Reinfeldt said that Sweden, which is not part of the eurozone, was "open to discuss how we can construct measures to get better fiscal disciplines" but preferred an agreement by all 27 EU members than just for the eurozone's 17.

"We respect the eurozone who wants their own meeting, but we want to stick to the 27 concept," he said.

AFP/The Local (news@thelocal.se)

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Your comments about this article

12:44 December 8, 2011 by DaveN
Going, going.... Gone
13:56 December 8, 2011 by SimonDMontfort
The EFSF seems woefully inadequate by itself

It would need, so politicians claim, to be 'beefed up' to as much as 1 trillion Euros. We still do not know how close EU members are to agreement on this. Italy's debts alone stand at about 1.9 trillion Euros.

The idea that China might support the euro through a massive capital input seems to be on the back burner. We need to see progress on this aspect as the stability fund is central for the survival of the euro.
14:49 December 8, 2011 by brian12
The problem is not going to be solved by new treaties and this is why.

The peripheral countries in the Euro zone cannot compete with the strong economies in Europe and have been borrowing cheap money that they cannot pay back. Before they could devalue their currencies to increase their chances to compete. The Germans looked on this as unfair competition and thus was born the single currency. A two tier Europe is not what Europe is about. The way to solve the problems of the Euro is to let the defaulting nations adopt their own national currencies.
17:15 December 8, 2011 by zircon
True said Mr Reinfeldt. (I'm too sexy for my clothes, too sexy, oh so sexy...) Put that asie, yes I do think that this Swedish fox is on to something true here. On the other side (1%?) the head of the serpent is brazen and still too bright, PM Reinfeldt.
19:23 December 8, 2011 by procrustes
Aaah, Grasshopper...Chancellor Merkle understands. She said a few days ago, almost as an aside that the Press seems to have missed, that the issue is: who has primacy? Governments or markets?

Americans (Moderates?) believe they live in a market, not a society. Swedes believe they live in a society--unless the Moderates succeed in their vision. If they do, then Sweden can look forward to the 1/99 percent divide of America.
13:49 December 9, 2011 by Nemesis
To the idiot who wrote the article WRONG. Just because the people who write for the Local hate the EU, does not men that anti-European fantasies in the minds of the writers in the local are facts.

It has just been announced today, that only the UK stands apart from this agreement, after other leaders in Czech Republic, Hungary and eventually Sweden, consulted there governments. In Sweden's case most of the business leaders would have been screaming down the phone to Rheinfelt to go with Europe and drop the interests of Goldman Sachs and JP Morgan.

Looks like only the UK wants to be ruled by the markets and the other 26 want to be ruled by there governments.
23:08 December 10, 2011 by al3ph

For someone with such primitive spelling errors, you sure do like to call people 'stupid' and 'idiot' a lot. I take it you are not familiar with the Dunning-Kruger effect.

Furthermore, I do believe the whole crux of the issue for the UK isn't that they don't want to be ruled by their government as you state, it is quite the opposite actually, that they want to be lead by the people they voted in that are accountable to them (their government) and not the EU.

Stop taking offense, if you feel differently, wish them good luck and move on with your life, there is no reason to be silly about the whole thing.
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