Saturday, 26 November 2011

UK views on eurozone decisions

What has actually been agreed in the eurozone or EU27 this far in response to the crisis in the eurozone, which has turned into a crisis of the euro itself? A while ago I collected the main documents in a blog post with brief descriptions.

A more detailed hearing has recently been published by the UK House of Lords Select Committee on the European Union: Inquiry on European Council of 23 October 2011 and the Euro Summit on 26 October 2011 (26 pages).

On 8 November 2011 David Lidington MP, Minister for Europe (Simon Manley, Director, EU Directorate, and Victoria Dean, Head of EU Strategy Department) gave evidence to the EU Committee.

Britain is one of the ten members still outside the eurozone and one of only four EU member states outside the Euro Plus Pact.

Being outside does not protect the UK economy if the euro area economy crashes, so the government of Britain hopes that the eurozone can solve the problems which require further fiscal and economic integration.

Naturally the risk of UK isolation was on the mind of the participants, so the integrity of the single market is seen as important.

Ralf Grahn