Sweden rejects talk of ECB as pan-EU bank supervisor

Just to show you that there are some nations refusing to follow the banking Cabal in the EU.

LUXEMBOURG/BERLIN | Fri Jun 22, 2012 12:07pm EDT

(Reuters) - Sweden's Finance Minister Anders Borg rejected a German newspaper report on Friday that the European Central Bank could play a bigger role in supervising banks in all European Union countries, saying his country would not accept such a set up.

German newspaper Die Welt, citing EU diplomats, reported that all 27 European countries were willing to back the Frankfurt-based ECB to become a new central oversight body as soon as possible.

"Van Rompuy has the backing of all 27," the newspaper quoted one diplomat as saying.

At a meeting of EU finance ministers in Luxembourg, however, Borg, whose country does not use the euro, told Reuters that Sweden was not on board.

"I would raise great problems with accepting that," he said. "Swedish banks would be under the supervision of the ECB while Swedish tax payers are responsible for them and we are not represented in the decision-making of the ECB," Borg said.

Fellow euro-outsider Britain, with Europe's financial capital London, has also said it will not sign up to the ECB-championed euro zone banking union which would centralize key banking responsibilities. One UK diplomat reiterated the view on Friday. "We supervise our own banks," he said.

Another EU diplomat, speaking anonymously, said Die Welt's story was not correct and that EU finance ministers, who are meeting today in Luxembourg, are not intending to strike such an agreement.

(Reporting by Stephen Brown and Robin Emmott in Luxembourg; writing by Marc Jones in Frankfurt; Editing by Ruth Pitchford)