Borg Still Eyeing the Euro
Finance Minister Anders Borg still thinks that Sweden should adopt the euro, despite growing financial unrest in euro zone countries. But before that can become reality, he tells news agency TT, regulations surrounding the euro must be tightened and the Swedish public has to become convinced of the common currency’s benefits.
“It’s a political understanding that I have, very much connected to how I see a new world economy developing,” Borg said.
Borg doesn’t think that the question will be put to a referendum vote in the government’s next term in office, however, no matter which party block wins the September election. There just isn’t enough support for the idea across political lines, he says.
Next week Borg will be heading off to another round of Ecofin meetings, where he says he’ll push for new tools in the EU’s stabilization package.
“Both current account deficit and debt have to be weighed in much more heavily,” Borg told TT.
He also wants the EU to put harsher rules in place to manage wayward countries.
“If a country acts like Greece, Spain or Portugal, then it should lose a part of its right to decide over its own financial policy. They should be put under stricter control.”