UK will not join new euro mechanisms: Cameron
Britain will not be drawn into new mechanisms to help protect the euro, Prime Minister David Cameron said on Thursday, as European ministers try to thrash out ways to shore up support for the common currency project.
January 13, 2011 / 22:06 IST
Britain will not be drawn into new mechanisms to help protect the euro, Prime Minister David Cameron said on Thursday, as European ministers try to thrash out ways to shore up support for the common currency project.
Speculation has mounted that Spain and Portugal may join Ireland and Greece in having to be bailed out by international lenders due to concern over their debt programmes, chipping away at the viability of the euro zone common currency."We want a strong euro zone, we want it to sort out its problems, we won't stand in its way, but we are neither joining the euro nor are we going to be drawn into fresh and new mechanisms within the euro," Cameron said.He was speaking after meeting with French Prime Minister Francois Fillon, who has called on Britain to help save the euro by backing efforts to more closely integrate European economies.Britain, whose economy relies heavily on trade with Europe, is not a member of euro zone and retains its own currency.Cameron said Britain would be a "helpful partner" in assisting the euro zone, but no more. Britain did contribute to Ireland's bailout on the grounds that it was a key trading partner, but Cameron has been under pressure domestically to rule out further financial support for euro zone countries."Let me be clear, that does not mean that Britain should be drawn into new mechanisms or new procedures or have to give up new powers. That is absolutely not what we see as necessary as happening, and throughout the European councils last year we made that point and secured that point on many occasions." Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
