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09/12/2011
PM Refuses To Sign-up To Euro Deal
The British Prime Minister has refused to sign a pivotal European plan to save the single currency and shore up the region's banks after ten-hour talks in Brussels on Thursday night.
In a press conference at 6.20am on Friday morning, David Cameron admitted the decision, which is expected to have long reaching consequences, was one that posed "risks" for the future while he cited "tensions within the European Union".
The Prime Minister (pictured) had gone into the meeting with a list of demands, including a refusal to decamp financial services regulation to the EU, the retention of the European Banking Authority in London and a refusal to make euro-denominated transactions take place within the eurozone. All of which were rejected by French President Nikolas Sarkozy.
During the press conference, Mr Cameron said: "I said before coming to Brussels that if I couldn't get adequate safeguards for Britain in a new European treaty, then I wouldn’t agree to it. What is on offer isn’t in Britain’s interests, so I didn’t agree to it.
"Of course, we want the eurozone countries to come together and to solve their problems.
"But we should only allow that to happen inside the European Union treaties if there are proper protections for the single market and for other key British interests."
At least 23 of the 27 member states will form their own treaty to begin tougher economic sanctions for ailing countries and restore confidence in the single currency. It is thought the deal could lead to a 'two speed' Europe, and that the UK's exclusion could be damaging if the new Euro plan proves a success.
Under the new agreement, Eurozone countries will provide up to €200bn in extra resources to the International Monetary Fund to help countries in difficulty. Meanwhile, the eurozone's two bailout funds, the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF), will be managed by the European Central Bank.
(DW)
In a press conference at 6.20am on Friday morning, David Cameron admitted the decision, which is expected to have long reaching consequences, was one that posed "risks" for the future while he cited "tensions within the European Union".
The Prime Minister (pictured) had gone into the meeting with a list of demands, including a refusal to decamp financial services regulation to the EU, the retention of the European Banking Authority in London and a refusal to make euro-denominated transactions take place within the eurozone. All of which were rejected by French President Nikolas Sarkozy.
During the press conference, Mr Cameron said: "I said before coming to Brussels that if I couldn't get adequate safeguards for Britain in a new European treaty, then I wouldn’t agree to it. What is on offer isn’t in Britain’s interests, so I didn’t agree to it.
"Of course, we want the eurozone countries to come together and to solve their problems.
"But we should only allow that to happen inside the European Union treaties if there are proper protections for the single market and for other key British interests."
At least 23 of the 27 member states will form their own treaty to begin tougher economic sanctions for ailing countries and restore confidence in the single currency. It is thought the deal could lead to a 'two speed' Europe, and that the UK's exclusion could be damaging if the new Euro plan proves a success.
Under the new agreement, Eurozone countries will provide up to €200bn in extra resources to the International Monetary Fund to help countries in difficulty. Meanwhile, the eurozone's two bailout funds, the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF), will be managed by the European Central Bank.
(DW)
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