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Sweden Won’t Rush to Strike EU Bank Union Deal, Reinfeldt Says

Swedish Prime Minister Fredrik Reinfeldt
Swedish Prime Minister Fredrik Reinfeldt said, “The strong krona is not a short-term phenomenon, it’s something we should get used to.” Photographer: Casper Hedberg/Bloomberg

Oct. 18 (Bloomberg) -- Sweden won’t rush to strike an agreement on a European banking union that doesn’t satisfy the Nordic country’s demands, Prime Minister Fredrik Reinfeldt said in an interview today in Bucharest.

A deal needs to include “a full fiscal backstop that lies within the nation state where the bank is active” so that the Swedish state, banks and taxpayers won’t be responsible for covering losses at financial institutions in other European Union countries, he said.

“There’s no rush, it’s better to have this with quality in place and not to push it too fast because these are complicated matters,” Reinfeldt said. “I will listen and will try to make changes in the proposals.”

Reinfeldt is preparing for a two-day gathering in Brussels where EU leaders will discuss how to found a common supervisor to assuage market worries over the state of some of the region’s banks. Sweden, which is a EU member, but hasn’t adopted the euro, needs stricter capital requirements than European peers because its banking sector is relatively large, Reinfeldt said.

The Swedish premier, half-way through his second four-year term as head of government, said non-euro countries must have influence over the structure of supervision if they are to join a banking union.

To contact the reporters on this story: Andra Timu in Bucharest at atimu@bloomberg.net; Irina Savu in Bucharest at isavu@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

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