Via The Swedish Wire:
Anders Borg, Sweden’s Finance Minister, said his government will never agree to let taxpayers in the largest Nordic economy bail out “ill-managed” banks elsewhere in Europe, according Bloomberg.
He called the basic structure proposed for a common European banking framework “unreasonable”.
“The European Banking Authority, the European Central Bank, would automatically get a majority”, Borg said in an interview with Bloomberg.
“This entire regulatory framework that we’ve built up in the last few years is based on that when different countries get into a conflict, different banks get into a conflict, there will be mediation. You can’t leave that to an institution where the ECB and the euro countries have an automatic majority”, Borg said.
Borg continued: “We’ve worked hard to raise capital coverage requirements on Swedish banks”.
Borg concluded: “We’re not prepared, through the back door, to allow the French and others who were skeptical of this to undermine that deal and decide that it’s only the ECB that can decide capital coverage requirements”.
Borg is right. Sweden is not a member of the ill-managed eurozone and should leave the European Union as well.
Sweden should instead chose closer cooperation with Russia, and leave room for other countries like Denmark, Iceland, Greenland, BeNeLux, The Baltics, and Ukraine to join Sweden.