Borg concerned about EU bank supervision
BRUSSELS (AFP) - Plans for new cross-border European Union supervisory bodies to oversee banks, insurers and markets are at a "make-or-break" point, Swedish Finance Minister Anders Borg warned.
| Related news: • Finance Ministers to slam bonuses in Gothenburg • Sweden tells EU members to cut spending • Sweden's Fin Min a 'pony-tailed mastermind' |
Amid British opposition to a new system, first agreed in principle in the summer as a response to the financial crisis, the bloc's Swedish presidency fear key EU member states have "not drawn the right lessons from the economic crisis."
"The most important part of the (exit strategy) is building the new financial supervisory infrastructure," said Swedish Finance Minister Anders Borg after a meeting of EU counterparts.
Borg warned failure to reach a deal would be "very problematic for Europe," adding: "That is the make or break issue."
"If we don't have a decision in December, on the whole package, both the macro and the micro supervision, then I have to say we have not drawn the right lessons from the economic crisis.
Britain in October blocked EU financial reform proposals it said impinged on its fiscal sovereignty.
Agreement will only come after the London parliament revisits the issue after ministers agreed then to allow "further political negotiation."
The British Treasury has said it wants to preserve the City of London's status as the most powerful financial centre in Europe and fears that current proposals risk leaving loopholes that could undermine that status.
| • SIGN UP FOR FREE NEWSLETTER • ALL BREAKING NEWS ON TWITTER |
Last Updated (Tuesday, 10 November 2009 15:46)
Telia to list new company in New York
After a long-drawn legal dispute Swedish telecom operator TeliaSonera and Russian Altimo now plans to list a new international telecom company on the New York Stock Exchange.
Former Nokia head to lift Finnair
"Finnair has all that it takes to emerge from the hard times as a winner" the airlines new chief executive Mika Vehvilaeinen said.
Swedish ecological burials attract world interest
A Swedish undertaker -- that has caused a small revolution in the funeral business with its ecological burials -- has nicked the top position at Google ahead of Ikea and Volvo.
Gelly to boost Volvo Cars with Chinese factory
The Chinese auto group Geely, which is trying to buy Volvo Cars from Ford, intends to boost Volvo sales to a million per year.
Ericsson to cut 700 jobs in Britain
Swedish telecom equipment giant Ericsson said it would axe 700 jobs and close a key facility in Coventry, central England.
Sweden in risk of new housing bubble
Swedish households may be forced to sell their homes for less than the purchase price, experts warn.
Norway's oil fund posts a record return
Norway's Government Pension Fund posted a record return in the third quarter, thanks to a pick-up in financial markets.
Swedish state-owned pharmacies sold
Painkillers and other prescription free drugs may soon appear in local supermarkets as Sweden has sold off a large part of its Apoteket retail pharmacy monopoly.
'Sweden has landed on its feet after the crisis'
Sweden's Finance Minister Anders Borg revised upwards the country's economic growth forecast for this and next year.
Nokia recalls millions of dangerous chargers
Nokia has issued a global recall for 14 million chargers.
'The pipeline is not in Sweden's interests'
Decision by Sweden to allow the Russian-led Nord Stream pipeline to pass through its waters has unleashed strong reactions.
Norway court snubs call to block The Pirate Bay
A court in Norway has rejected calls from the entertainment industry to force communications giant Telenor to block Swedish file sharing site The Pirate Bay.
• Three million Swedes download illegally
• The Pirate Bay reopened – from warfare bunker
