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Swedish finance minister, Anders Borg elected best European Finance Minister but the Social Democrats are not impressed

Wednesday, 23 November 2011
According to the Financial Times, Anders Borg, Swedish finance minister is the Europe's best finance minister. This has created a rash of criticisms from the Swedish Social Democrats party who accused Borg of basking in the glory of Goran Pärson, the format Prime minister and past finance ministers.

According to the Finanacial Time, "the wizards behind one of Europe's best performing economies,” is Anders Borg and he has gained extra weight in Brussels where he is seriously respected and admired by Europe especially the struggling economies.

The Social Democrat’s economic policy spokesperson, Tommy Waidelich is not impressed by classification of Borg as the best.

“The competition has not been so fierce, not the least, because of the euro crisis. Sweden has good finances and it is something we must thank Goran Persson and other finance ministers of the past, not Ander Borg” said Waidelich.

“Overall, Sweden is good compared to other countries, but we have not prepared us for the bad time to come”.

He also assumes that the Social Democrats would have had a stronger economy and be properly prepared for future crisis than what the current finance minister and his government has done.

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The 19 ministers of Europe's major economies have been assessed against  criteria such as political ability, economic performance and credibility in the markets. Seven leading economists sat in the jury, including SEB's Chief Economist, Robert Bergqvist reports the Swedish business daily Dagens Industri.

Anders Borg in the Financial Times was praised, among other things, to have early detected the need to strengthen the banks. Sweden's economic performance in 2011 has also been noted.

In the bottom of the list is the Greek Finance Minister Evangelos Venizelos.

Finance Minister Anders Borg is delighted but chooses to downplay his own role and talks about a "team sport".
"We have special conditions. We are one of the countries where there is strong backing for a responsible economic policy, "he says.

"We've had much better growth rates and escaped manage banking crises on the way others have done for us it has been a little tougher against the banks," said Borg. "Basically, it's that we have stable institutions and broad backing for a responsible policy. Then it's easier to be finance minister. "

Asked if it's easier to be finance minister in Sweden than in Belgium, for example?
He said “We have made reforms for a long time, we have used the good years of structural reforms, which in other countries have not been popular, but it has paid off during crisis years.” "

He said to the Financial Times those countries with strong fiscal positions as Sweden and Germany should stimulate the European economy. This he meant that means that “If it turns out that the Swedish economy will slow down considerably stronger than what we expect, then we look at whether we need to do more in social policy or loosen any tax or so. That's the case, which stimulates the Swedish economy and thereby contributes to Europe. "
By Scancomark.se Team


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