• News Feeds
Page last updated at 07:46 GMT, Thursday, 7 June 2012 08:46 UK

Osborne: 'Remorseless logic' for EU fiscal union

Advertisement

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.


Get in touch with Today via email , Twitter or Facebook or text us on 84844.

SEE ALSO

Story Tools

BBC navigation

BBC © 2013 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific