European debt crisis

"The best thing is to sharpen the wording"

Prime Minister Fredrik Reinfeldt says the German and French proposal to improve economic coordination among EU countries is positive, but he has some reservations. "The best thing is to sharpen the wording and to move forward the cleaning up of public finances," Reinfeldt told Swedish Radio News.

"Now the view is spreading that the crisis is serious, and that it's a debt crisis, and that it can only be solved by ensuring public finances are in order."

German Chancellor Angela Merkel and French President Minister Nicolas Sarkozy announced plans Tuesday to institute a tax on financial transactions in the EU. They also proposed the construction of an economic council of the euro zone that would, in part, require all members to adopt rules by 2012 that would force them to balance their budgets.

But Reinfeldt disagrees with several details in the proposal.

He says when Sweden had a tax on financial transactions that the business moved to other countries. Reinfeldt is worried that the same could happen if the EU instituted a tax on financial transactions. He is also concerned that the proposed economic council would only lead to more meetings at the EU level.

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