Swedish Minister of Finance Anders Borg has said that one of the top priorities during Swedish EU Presidency beginning on July 1st is to manage the financial crisis and stricter rules will be made in the sector.

He made the remark at a press conference in Stockholm on Wednesday.

He said Sweden has learnt from its own experiences of financial crisis and real estate bubbles since the early 1990s that there must be stricter rules for the financial sector.

"Looking ahead, we must take coordinated measures in implementing stricter rules for the financial sector and forming a strengthened European supervisory framework," said Borg.

He said that a new framework for EU supervision system will be established to supervise the financial sector in both macro and micro level. It means in general there will be common rules for all the 27 EU member states, but there will be flexibilities and complementalities among countries so that they can achieve efficient cooperation.

He said that their objective is to achieve long term sustainability and quality in public finances. Since the economic slowdown will be a long term, one of the specific goal for the EU is to achieve a balanced budget for various government and a correct and responsible application of the European Union Stability and Growth Pact which is seen as EU's answer to concerns about the continuation of budgetary discipline within economic and monetary union.

He also mentioned other priorities such as climate change and review of Lisbon strategy.

By Xuefei Chen, People's Daily Online, Stockholm.