Sweden 'not ready' for euro - Report

SWEDEN - Sweden is not yet ready to join the euro because its currency is too unstable and the central bank not independent enough from the government, the European Commission has said.

"I regret that Sweden is not yet in a position to participate fully in EMU (economic and monetary union)," European Monetary Affairs Commissioner Pedro Solbes said in a statement.

But the biennial convergence report prepared by the European Central Bank (ECB) on Sweden said it expected the country to prepare to