Anders Borg, Sweden’s Finance Minister, said he won’t cave to pressure from banks or the European Union to harmonize standards and insists capital ratios in the largest Nordic economy need to be higher than those elsewhere, Bloomberg said.

“We will push ahead with higher capital requirements,” Borg said in an interview with the newswire. “We won’t take any risks regarding the Swedish economy; we have a large banking sector and highly indebted households, so we need to be sure what’s ahead.”