Monday

24th Apr 2017

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.

Dear EUobserver reader

Subscribe now for unrestricted access to EUobserver.

Sign up for 30 days' free trial, no obligation. Full subscription only 15 € / month or 150 € / year.

  1. Unlimited access on desktop and mobile
  2. All premium articles, analysis, commentary and investigations
  3. EUobserver archives

EUobserver is the only independent news media covering EU affairs in Brussels and all 28 member states.

♡ We value your support.

If you already have an account click here to login.

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.

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.

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.

Tusk dragged into 'political' spy probe

EU Council chief appeared as witness in a Russian spy probe in Warsaw amid increasingly toxic political climate in one of the Union's largest states.

Stakeholders' Highlights

  1. Nordic Council of MinistersDeveloping Independent Russian-Language Media in the Baltic Countries
  2. Swedish EnterprisesReform of the European Electricity Market: Lessons from the Nordics, Brussels 2 May
  3. Malta EU 2017Green Light Given for New EU Regulation to Bolster External Border Checks
  4. Counter BalanceCall for EU Commission to Withdraw Support of Trans-Adriatic Pipeline
  5. ACCAEconomic Confidence at Highest Since 2015
  6. European Federation of Allergy and Airways60%-90% of Your Life Is Spent Indoors. How Does Poor Indoor Air Quality Affect You?
  7. European Gaming and Betting AssociationCJEU Confirms Obligation for a Transparent Licensing Process
  8. Nordic Council of MinistersNordic Region and the US: A Time of Warlike Rhetoric and Militarisation?
  9. European Free AllianceEFA MEPs Vote in Favor of European Parliament's Brexit Mandate
  10. Mission of China to the EUXinhua Insight: China to Open up Like Never Before
  11. World VisionViolence Becomes New Normal for Syrian Children
  12. International Partnership for Human RightsTime to Turn the Tide and End Repression of Central Asia's Civil Society

Latest News

  1. Brexit summit, Turkey and Hungary dominate EU This WEEK
  2. Russia threat triggers European military spending hike
  3. Voters 'change face' of French politics
  4. France holds nail-biting 'anti-system' vote
  5. Le Pen-Putin friendship goes back a long way
  6. Mogherini should tell Russians their rights matter
  7. Le Pens Freunde aus dem Trump Tower
  8. Sexe et mensonges: l'information russe sur l'UE