Sweden’s Reinfeldt Says Won’t Support European Crisis Road Map

Swedish Prime Minister Fredrik Reinfeldt called European proposals to reshape the crisis-struck euro area “far-reaching” as he outlined Sweden’s stance today in the Riksdag ahead of a June 28-29 European Union summit.

The 10-year road map, released yesterday by four officials led by EU President Herman Van Rompuy, centered on common banking supervision and deposit insurance and a “criteria-based and phased” move toward joint debt issuance. It also suggests that the EU could impose upper limits on annual budgets and debt levels of nations that use the euro.

Reinfeldt told parliament’s European Union committee that he does not think Sweden will recommend the proposals without significant changes and deeper study.

“I don’t see any chance that to, as far as Sweden is concerned, stand behind the proposals,” he said. “More analysis is required.”

To contact the reporter on this story: Kim McLaughlin in Stockholm at kmclaughlin6@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net

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