Borg to block EU bank supervision plan

Sweden’s Finance Minister Anders Borg will vote against a European banking union at a meeting in Brussels next Tuesday, effectively vetoing the plan.

Borg to block EU bank supervision plan

When the finance ministers of Europe meet in Belgium next week, Borg’s objection will effectively put a stop to the current proposal, as it would need unanimous support to get the green light.

“There are a number of important questions remaining. We don’t think we’ve the reached a point where it’s possible during this Ecofin meeting to make a decision,” Borg told the TT news agency.

“There is still a lot of time left until the end of the year, if we need to make our minds up by then.”

Sweden has several objections against the current proposal, which includes European Central Bank (ECB) remit to supervise national banking sectors.

“It quite simply won’t work for us until we reach a compromise that everyone can live with,” Borg told TT after a meeting with the parliamentary EU committee in Stockholm on Friday, where committee members from other parties also gave him their support.

The proposed union aims to strengthen ties between EU banks, with the ECB playing a key supervisory role.

For non-euro countries like Sweden, taking part in the debate is voluntary.

TT/The Local/og

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Stockholm Pride is a little different this year: here’s what you need to know 

This week marks the beginning of Pride festivities in the Swedish capital. The tickets sold out immediately, for the partly in-person, partly digital events. 

Pride parade 2019
There won't be a Pride parade like the one in 2019 on the streets of Stockholm this year. Photo: Stina Stjernkvist/TT

You might have noticed rainbow flags popping up on major buildings in Stockholm, and on buses and trams. Sweden has more Pride festivals per capita than any other country and is the largest Pride celebration in the Nordic region, but the Stockholm event is by far the biggest.  

The Pride Parade, which usually attracts around 50,000 participants in a normal year, will be broadcast digitally from Södra Teatern on August 7th on Stockholm Pride’s website and social media. The two-hour broadcast will be led by tenor and debater Rickard Söderberg.

The two major venues of the festival are Pride House, located this year at the Clarion Hotel Stockholm at Skanstull in Södermalm, and Pride Stage, which is at Södra Teatern near Slussen.

“We are super happy with the layout and think it feels good for us as an organisation to slowly return to normal. There are so many who have longed for it,” chairperson of Stockholm Pride, Vix Herjeryd, told the Dagens Nyheter newspaper.

Tickets are required for all indoor events at Södra Teatern to limit the number of people indoors according to pandemic restrictions. But the entire stage programme will also be streamed on a big screen open air on Mosebacketerassen, which doesn’t require a ticket.  

You can read more about this year’s Pride programme on the Stockholm Pride website (in Swedish).