Downing Street Says

» Wednesday, September 12, 2012

Eurozone

Asked what the PM’s view on President Barroso’s State of the Union address was, the PMS said that the Government shared much of President Barroso’s analysis on the challenges facing the EU and the roots of the crisis. The Government agrees that there needs to be urgent action to deal with these issues, the most urgent issue being the resolution of the Eurozone crisis. In the longer term the Government wants to see closer economic and fiscal integration in the Eurozone. Whatever happens we need to ensure we defend Britain‘s national interest.

Asked whether it would be in Britain‘s national interest to have closer ties with Europe, the PMS said that one of the greatest benefits of being part of the European Union is the single market. We are very clear that we want to ensure that it is maintained and completed.

Asked how concerned the Government was about the Banking Union, the PMS said that the Treasury had already addressed the issue. We have long been arguing for Banking Union as it is an essential part of a stable currency in the Eurozone and the ECB is the right organisation to take on the central supervisory role for the Eurobanks. Whatever proposals are put forward they must respect the integrity of the single market for the whole of the European Union and we would be a part of discussions going forward to secure Britain‘s national interests.

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