Swedish Finance Minister Anders Borg said he wants his European Union colleagues to apply a levy on banks similar to the one being discussed by the U.S. administration.

"The financial system should pay for the actual cost it incurs to society and the taxpayers in the form of implicit state guarantees for systemically important banks," Borg wrote in a letter Tuesday to Spanish Finance Minister Elena Salgado, who chaired the EU finance ministers' regular monthly meeting in Brussels.

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