Sweden still against EU banking union

Sweden's Finance Minister says Sweden will not sign on to any common EU banking union until the 17 euro countries agree to give non-euro members the same influence in any EU-wide banking supervisory authority.

In Brussels for a special meeting with Finance Ministers in the EU, Anders Borg tells Swedish Radio News that the Swedish government is prepared to stop the formation of the EU banking union because the current proposal gives the 17 euro countries a voting majority over countries that do not use the euro.

"As long as we don't have clarity on how members can vote inside the union, then we can't accept moving on to the decision about the European Central Bank," Borg says.

Borg is referring to the introduction of a system, which many in the EU have called for, where the European Central Bank would have the right to pump money directly into crisis-hit banks, without straining the budgets of the banks' home countries.

The deadlock in negotiations to create the common banking union has delayed further talks that would give the ECB those expanded powers.

Borg says he is prepared to have more meetings if the ministers do not agree on the common banking union by Wednesday.