The Kingdom of Sweden recognizes the ongoing Eurozone financial crisis stemming from high debt levels in several EU nations like Greece, Italy, Spain, Ireland and Portugal. While Sweden is not part of the Eurozone, its economy is highly integrated with the EU and will be impacted. Sweden supports the EU's efforts to establish financial stability mechanisms like the European Financial Stability Facility and signing the Fiscal Stability Treaty. Based on Sweden's own experience recovering from an economic crisis in the 1990s, it recommends the EU pursue measures like increasing bank capitalization, reforming tax policies, and implementing labor market reforms.