Finance Minister Anders Borg of Sweden said that his country’s government will never agree to allow its taxpayers’ money to bail out “ill-managed” European banks.
Bloomberg reported Friday that Borg characterized the proposed European banking union structure as “unreasonable,” adding that Sweden would never accept a framework that allowed eurozone banks more influence in such a union than European banks in countries outside the currency bloc, like itself.
Sweden is the largest economy among Nordic countries, and has been diligent about protecting its own fiscal health. Surrendering control and influence to a broader authority has been a sticking point for the financially stronger countries in Europe and also within the eurozone.
“The European Banking Authority, the European Central Bank (ECB) would automatically get a majority,” Borg said in the report.