Not that quickly. It takes time on negotiations. There are a couple of chapters that must be gone through and must be negotiated, and one cannot conduct such negotiations at speed. However, we would be positive about the matter if this application came.
There are other countries in the pipeline. We realise that there are difficulties with the Croatian accession. There is a dispute which must be mediated between one member state and that application state, and we do not necessarily expect that to be done during the Presidency.
Some members asked questions which were not related to the EU but to the Swedish banking system and the experiences we had in the crisis of the early 1990s. We managed to solve the crisis and to get our money back over a period. It was difficult in the beginning and we had to nationalise one or two banks but they were privatised again later. However, I am not an expert on that issue. One of the other Oireachtas joint committees will meet the head of our national debt authority during his visit to Ireland on 7 July. He was the Minister for Financial Markets in the 1990s and will be able to discuss the matter further. He will also visit the Institute of International and European Affairs if members want to seek his advice.
All crises are different and ours was quite different to Ireland's. It is open to question whether the Swedish model can be used for Ireland's crisis. The circumstances were different but it is possible that Ireland can draw on one or two of our experiences in solving the problem. Our crisis was isolated within Sweden and the Nordic countries but we are currently in the midst of global financial sector turmoil.
The Swedish Presidency has an ambitious agenda for the financial sector. We want to restore confidence in the financial markets and to combat the negative impact of the crisis on employment. We aim to reach an agreement on new rules and to strengthen supervisory bodies. We will work hard to arrive at a common position for a new supervisory structure, which will include the establishment of a European body to supervise stability in the financial system. The structure will also include a European system for financial supervision on a micro level. Exactly how this will look will depend on the negotiations among the appropriate bodies within the Union but a new structure is needed to restore confidence in financial markets. In this way we will not only resolve the financial crisis but will contribute to the economic revival of Europe as soon as is possible.
Deputy Costello and others touched on the Lisbon strategy. This is a follow-up to the strategy and we are looking to put the first elements in place but the decisions will be taken during the Spanish Presidency next spring. It is an important element in the economic recovery of Europe.
I am not the man to answer some of the more detailed questions. Senator de Búrca spoke of a higher ambition than a 20% cut in emissions. Sweden has a higher ambition than 20%. In the industrial world, obviously, it is a question of negotiations and what one comes up with at the very end. We must be ambitious to get the others on board. We do not really know how our partners would act, not least the United States of America. Even though we have seen positive signs from its side, we are convinced to strike a balance and find as highly ambitious a goal as possible, be it 25%, 40% or whatever. However, we know we must come to agreement within the European Union as well because we note everybody is not that ambitious. We will see where we arrive in the final outcome.
Deputy Dooley touched on some elements of the economy, the follow-up of the Lisbon treaty, on the importance of creating jobs and exactly how this is being done. This is a combination of measures from the European Union and nationally. We all have responsibility for that. That touches also on Deputy Treacy's question on the labour market.
On regional co-operation, the Baltic strategy, is a pilot project, which has a considerable environmental element. The Baltic Sea, being almost a lake, is one of the most polluted seas and significant measures are needed to clean it. Here is an opportunity for co-operation to do that and at the same time boost the economy around the rim of the Baltic Sea. Whether this would transpose into other co-operation I am not 100% sure. I note the positive developments between the UK, Ireland and Northern Ireland in this respect.
Russia's contribution to the energy market is important. It is the strategic partner. We expect to have tough and deep discussions for new treaty arrangements with the Russians. It is an important partner.
On the United States of America and the Middle East, I am sure that we will want co-operation with the Americans. We are not alone in that. The Swedish Minister for Foreign Affairs has high ambition to do something here. I cannot tell how exactly that will disperse into the free trade agreement with Israel because that is not really in my brief here. I will have to come to back to that, if the committee so wishes.
Deputy Tuffy raised educational matters. Education is a matter that was used to a great extent in building the Swedish economy. Obviously, the people who are out of work need training and they will get training. There are various arrangements for this. For example, as of today, we have some problems in exporting our investment products, not least trucks, for instance, but the staff are still in Scania producing trucks. The trucks are being produced for storage, but at the same time the workers are being educated on a programme financed partially by the state. How this would continue is an open question.
On the third level fees, in Sweden there is a loan system. University is free. If one wants to study, one can get a support subsidy and be provided with a loan, which is obviously repayable at an advantageous interest rate.
