LONDON Aug 8 Greater financial integration is
the only viable long-term solution to the eurozone debt crisis,
British finance minister George Osborne said in an editorial
article in the Daily Telegraph on Monday.
Osborne said that the future of the euro is in jeopardy and
the debt crisis threatens to undermine the single currency, with
potentially disastrous consequences for Britain.
"Countries must demonstrate that they have credible plans to
deal with excessive deficits, improve competitiveness and
strengthen banking systems...but by its nature a global crisis
cannot be solved by countries acting alone," Osborne said.
"Eurozone countries must now act swiftly to deliver on what
they have promised. Euro area institutions need to do whatever
is necessary to ensure financial stability, as I am sure they
Osborne said he was planning a major autumn push to
kick-start domestic growth, hinting a range of measures, such as
tax cuts and cutting business regulations.
He also urged Europe's finance ministers to develop a euro
bond, which would see the debts of strong and weak eurozone
"Eurozone countries need to accept the remorseless logic of
monetary union that leads from a single currency to greater
"Solutions such as eurobonds now require serious
consideration if investors are to be convinced about the
long-term future of the euro."
"A disorderly outcome would be disastrous for everyone,
including Britain, so we should allow greater integration to
happen, while ensuring we are not part of it and our own
national interests are protected," he added.
(Reporting by Stephen Mangan; Editing by Michael Roddy)