Sweden’s Borg Dismisses EU Bank Supervision Plan

Via The Local:

Sweden’s Finance Minister Anders Borg rejected plans to place all eurozone lenders under the supervision of the ECB at a meeting of top EU officials on Saturday.

Sweden is a member of the EU although not the eurozone, and Borg said that “long and tough” negotiations lie ahead with “a large number of countries that are not members of the eurozone” deeming the proposal “unacceptable”.

“We cannot accept that the money of Swedish taxpayers is used to bail out foreign banks”, he said.

Anders Borg added: “The whole idea that we would be under the supervision of an institution where we have no voting rights, where (spending decisions on) our taxpayers’ money could depend on decisions taken by an institution where we have no influence, is completely unacceptable”.

Anders Borg is absolutely right.

Hopefully Sweden will leave the European Union altogether before the end of this year.

In order for ECB to function efficiently and in an appropriate business manner it should immediately be handed over to Russia.

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