Chancellor George Osborne has told the Today programme that a "greater harmonisation of fiscal policies" is needed in the eurozone.
There is a "remorseless logic" for a banking and fiscal union in the eurozone, he said, but there is "no way" Britain would be part of that union.
Britain will require "safeguards" if such a union is created to protect its financial industry, he said.
Speaking to Evan Davis, the Chancellor said he is "optimistic" that a solution is coming for the banking crisis in Spain, but calls for "permanent changes" to stabilise the eurozone in the medium and long term.
When asked about a potential renegotiation of Britain's relations with Europe he said that the referendum lock, triggered if there is a transfer of sovereignty to the EU, is "a very clear safeguard".
On the budget U-turns, George Osborne told the programme that they show the government was not "too embarrassed to put down the shovel and climb out" of a hole. #chancellor #economy #europe #eurozone #GeorgeOsborne
There is a "remorseless logic" for a banking and fiscal union in the eurozone, he said, but there is "no way" Britain would be part of that union.
Britain will require "safeguards" if such a union is created to protect its financial industry, he said.
Speaking to Evan Davis, the Chancellor said he is "optimistic" that a solution is coming for the banking crisis in Spain, but calls for "permanent changes" to stabilise the eurozone in the medium and long term.
When asked about a potential renegotiation of Britain's relations with Europe he said that the referendum lock, triggered if there is a transfer of sovereignty to the EU, is "a very clear safeguard".
On the budget U-turns, George Osborne told the programme that they show the government was not "too embarrassed to put down the shovel and climb out" of a hole. #chancellor #economy #europe #eurozone #GeorgeOsborne
about 1 year ago
I think you uploaded the wrong audio. This is John Prescott again.
sm2n about 1 year ago