- Extraordinary action is required in present extraordinary times. It is of utmost importance that the European Union strongly encourages the Member States to deal with the ongoing financial crises in a comprehensive manner. The European Union should be part of the solution, not part of the problem. What is needed is a general guarantee for the entire banking system – not the fragmented approach currently in place. This is not working, said Mr. Urban Bäckström in connection with BUSINESSEUROPE Council of Presidents meeting in Paris on Friday, December 5th.
Mr Bäckström, who is currently Director General at the Confederation of Swedish Enterprise has a background as Chairman and Governor of the Swedish Central Bank and as State Secretary in the Ministry of Finance. He was deeply involved in the handling of the Swedish financial crisis in the early 1990’s.

- The effect of the global financial excesses have caused a cumulative momentum in our economies that soon will be hard to...