Swedish EU presidency to focus on banking reforms

Swedish minister Mats Odell has said his country will focus on increasing supervision in the financial markets when it takes over the EU presidency in July.

Odell, who is minister for local government and financial markets, said Sweden wanted to strengthen the ability of the EU to avoid a future economic crisis.

"Sweden will work to increase the convergence in financial supervision practices across the EU and actively work to achieve as much progress on proposals to create a pan-European supervisory framework on a macro as well as a micro level," he said.

His comments come after last week's meeting of EU finance ministers, who made headway on a new framework for boosting financial supervision but remained divided over what powers European authorities should have over national regulators.

Odell, who will address the opening Committee of the Regions plenary session on Wednesday, also spoke of the importance of the principle of subsidiarity.

"As a Christian Democrat I'm glad that the principle of subsidiarity is well defined in article five of the [Lisbon] treaty," he said.

"It is intended to ensure that decisions are taken as closely as possible to the citizens and that constant checks are made as to whether action at community level is justified in light of the possibilities available at national, regional or local levels. We must live up to this principle."

The Swedish presidency will also face challenges in adapting to the newly-elected parliament, said Odell, who added that changes to the commission are "not yet certain to say the least".

Other issues would centre on tackling climate change in the run-up to December's COP15, the future of the Lisbon treaty and the Irish referendum, said the minister.

"Under the circumstances there will be a major responsibility for the council and the Swedish presidency not to let these uncertainties paralyse the work of the European Union," he said.

"We have to be very structured, we have to be transparent, we have to be well organised."

Committee of the Regions president Luc Van den Brande said members would use this plenary session to debate a resolution calling on the Swedish presidency to recognise the importance of sub-national public authorities in mitigating and adapting to climate change.

Another resolution up for debate on Thursday focuses on the automotive crisis which, said Van den Brande, "is more than a state problem".

"It is of very great importance for regions and areas where there is production or assembly of automotives," he said.

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