Friday

29th Sep 2023

Cameron: eurozone integration means 'new EU settlement' for UK

The UK sees banking union and deeper integration of the eurozone as a chance to renegotiate its own status in the Union, Prime Minister David Cameron confirmed to reporters at the EU summit in Brussels.

Speaking during a press briefing on Friday (19 October) at the European Council, he emphasised that deepening integration of the eurozone-17 would also change the nature of Britain's place in the EU.

Read and decide

Join EUobserver today

Become an expert on Europe

Get instant access to all articles — and 20 years of archives. 14-day free trial.

... or subscribe as a group

Welcoming steps to agree the legal framework for the European Central Bank (ECB) to assume its role as a single supervisor of the eurozone banking sector, he said "the single currency needs a banking union and we won't stand in the way even though we won't be involved."

He added that the new supervisory framework, along with a common resolution mechanism to wind-up failing banks and a harmonised deposit guarantee scheme would be a "massive change" for the EU.

"As the eurozone integrates further there are new opportunities for a new settlement for Britain," he said, noting that these changes would then be decided in a referendum.

However, he insisted that he would not back the UK's withdrawal from the EU.

"Leaving the EU is not in our national interests, we are a trading nation and around 50 percent of our trade is with the EU," he said.

Under the banking union proposals agreed last night, the ECB will begin work as the single supervisor of the eurozone's banking sector in 2013, with the legal framework to be in place by the end of 2012.

Cameron's Conservative-led coalition has in the past urged the eurozone to act fast to tackle the sovereign debate crisis, also calling for a eurozone budget and a move to adopting joint liability eurobonds.

His comments are the latest sign that the UK sees eurozone integration as a chance to loosen its relationship with the EU

Last week, home secretary Theresa May confirmed that the UK would use its right under the Lisbon Treaty to opt out of over 130 legal acts on justice and home affairs policy.

The opt-out includes co-operation on cross-border crime as well as the controversial European Arrest Warrant, which allows criminal suspects to be easily extradited to face charges across the EU.

The move has caused consternation in Brussels.

Manfred Weber, a German centre-right MEP on the justice and home affairs committee, accused the UK of "destroying" measures to increase co-operation between member states on cross-border crime and policing.

European Parliament President, Martin Schultz, indicated earlier this week that he would look at whether MEPs should be allowed to vote on legislation that their country will not apply.

Meanwhile, Finnish Europe minister, Alex Stubb, told summit reporters on Thursday (18 October) that the UK was "saying bye-bye to Europe."

Cameron has come under concerted pressure from factions of his Tory party to call an 'in/out' referendum on Britain's membership of the EU.

Surveys by the ConservativeHome website have indicated that a majority of party members would vote for EU withdrawal.

Germany makes case for British EU membership

Germany has told the UK it is an important and needed member of the European Union, just days after London spelled out its deep ambivalence about its EU future.

Hague makes case for minimalist EU

British foreign minister Hague has made the case for a politically minimalist European Union as it prepares to audit its relations with Brussels.

Opinion

How do you make embarrassing EU documents 'disappear'?

The EU Commission's new magic formula for avoiding scrutiny is simple. You declare the documents in question to be "short-lived correspondence for a preliminary exchange of views" and thus exempt them from being logged in the official inventory.

Column

Will Poles vote for the end of democracy?

International media must make clear that these are not fair, democratic elections. The flawed race should be the story at least as much as the race itself.

Latest News

  1. EU women promised new dawn under anti-violence pact
  2. Three steps EU can take to halt Azerbaijan's mafia-style bullying
  3. Punish Belarus too for aiding Putin's Ukraine war
  4. Added-value for Russia diamond ban, as G7 and EU prepare sanctions
  5. EU states to agree on asylum crisis bill, say EU officials
  6. Poland's culture of fear after three years of abortion 'ban'
  7. Time for a reset: EU regional funding needs overhauling
  8. Germany tightens police checks on Czech and Polish border

Stakeholders' Highlights

  1. Nordic Council of MinistersThe Nordic Region is stepping up its efforts to reduce food waste
  2. International Medical Devices Regulators Forum (IMDRF)Join regulators, industry & healthcare experts at the 24th IMDRF session, September 25-26, Berlin. Register by 20 Sept to join in person or online.
  3. UNOPSUNOPS begins works under EU-funded project to repair schools in Ukraine
  4. Georgia Ministry of Foreign AffairsGeorgia effectively prevents sanctions evasion against Russia – confirm EU, UK, USA
  5. International Medical Devices Regulators Forum (IMDRF)Join regulators & industry experts at the 24th IMDRF session- Berlin September 25-26. Register early for discounted hotel rates
  6. Nordic Council of MinistersGlobal interest in the new Nordic Nutrition Recommendations – here are the speakers for the launch

Stakeholders' Highlights

  1. Nordic Council of Ministers20 June: Launch of the new Nordic Nutrition Recommendations
  2. International Sustainable Finance CentreJoin CEE Sustainable Finance Summit, 15 – 19 May 2023, high-level event for finance & business
  3. ICLEISeven actionable measures to make food procurement in Europe more sustainable
  4. World BankWorld Bank Report Highlights Role of Human Development for a Successful Green Transition in Europe
  5. Nordic Council of MinistersNordic summit to step up the fight against food loss and waste
  6. Nordic Council of MinistersThink-tank: Strengthen co-operation around tech giants’ influence in the Nordics

Join EUobserver

Support quality EU news

Join us