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French president calls for strict rules on banking union

01 October 2012, 22:42 CET
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(PARIS) - French President Francois Hollande said on Monday that that a European banking union should be governed by "very precise rules" after meeting with Swedish Prime Minister Fredrik Reinfeldt.

Sweden has expressed opposition to such a banking union.

"The Swedish prime minister wants guarantees," Hollande told a press briefing.

"He does not want citizens of our countries to be forced to take part in rescuing banks for which they are not responsible," he added.

"We therefore must have very precise rules and guarantees."

Sweden belongs to the 27-member European Union, but not to the 17-member eurozone.

France is an ardent supporter of plans for a European banking union, while Sweden is among its opponents.

On September 15, Swedish Finance Minister Anders Borg described a European Commission proposal for a banking union as "totally unacceptable".

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