Anders Borg News
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Denmark is shelving indefinitely its euro adoption goal as Prime Minister Helle Thorning-Schmidt says an exchange rate peg without full European monetary membership is proving the best currency regime for the Nordic nation.
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Sweden needs policies that will keep interest rates low and curtail the damage the surging krona is causing for exporters in the largest Nordic economy, its premier said.
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Swedish Finance Minister Anders Borg said banks in the largest Nordic economy are taking too long to wean themselves off foreign funding as he warns the financial industry will need to pay for the risks it’s creating.
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Sweden needs to make sure European banking rules don’t make it overly dependent on liquidity from the European Central Bank, the Federal Reserve or the Bank of England, Swedish Finance Minister Anders Borg said today.
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The European Central Bank clashed with Germany over how the European Union will handle struggling banks and whether to create a common agency and fund to manage failures.
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Swedish Finance Minister Anders Borg said the country would need to act should additional krona strength add to pain for exporters, sticking by comments made earlier this week that drew fire from opposition politicians.
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Global central bankers are poised to ease monetary policy even further after a wave of interest-rate cuts from India to Poland.
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Sweden’s government abandoned its hands-off stance on the krona and New Zealand announced it sold the kiwi, joining a growing band of countries to escalate their response to strengthening currencies.
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Sweden is now targeting Africa to revive trade as the Nordic region’s largest economy adjusts to a slump in demand from Europe.
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The Bank of Korea cut interest rates, following the lead of policy makers in Australia, Europe and India this month, as strength in the won and weakness in the yen dim the outlook for the nation’s exports.
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