Cameron defends EU veto

Reuters 2011-12-13

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British Prime Minister David Cameron welcomes the King of Bahrain to Downing St.
Relations with the United Kingdom's neighbours aren't nearly as cordial three days after Cameron vetoed changes to the European Union treaty to try and stop a worsening euro zone crisis.
He told Britain's parliament he's not backing down.
(SOUNDBITE) (English) DAVID CAMERON, BRITISH PRIME MINISTER, SAYING:
"I'm absolutely clear that it is possible to be both a full, committed and influential member of the European Union but to stay out of arrangements that don't protect our interests. That is what I've done at this council. That is what I'll continue to do as long as I'm Prime Minister. It is the right course for this country, and I commend this statement to the house."
British opposition leader Ed Miliband.
(SOUNDBITE) (English) ED MILIBAND, BRITISH OPPOSITION LEADER, SAYING:
"The reality is this: He has given up our seat at the table. He has exposed, not protected, British business, and he has come back with a bad deal for Britain.
On Friday Cameron left Britain alone in the 27 nation European Union.
At a summit in Brussels to try and stop the euro zone debt crisis he vetoed plans for a new European Union treaty which would impose closer control over national government budgets.
But European Union Economic and Monetary Affairs Commissioner Olli Rehn says Cameron's veto won't save the UK's financial sector from tighter rules.
(SOUNDBITE) (English) EU ECONOMIC AND MONETARY AFFAIRS COMMISSIONER, OLLI REHN, SAYING:
"If this move was intended to prevent bankers and financial corporations of the City from being regulated, that's not going to happen. We must all draw the lessons from the ongoing crisis and help to solve it and this goes for the financial sector as well."
Much was made of the tension between Cameron and French President Nicolas Sarkozy after the veto decision.
But it's Socialist candidate Francois Hollande who is favourite to win France's presidential elections next year.
If elected he plans to renegotiate the EU deal.
(SOUNDBITE) (French) FRENCH SOCIALIST CANDIDATE FRANCOIS HOLLANDE SAYING:
"I will try to add what is missing, the intervention of the ECB, the eurobonds and a financial rescue plan, everyone can understand, something which will provide an answer to today's markets pressure."
Britain's opposition argues the stakes are very high.
More than half Britain's exports go to Europe making the heath of the euro zone and Britain's ability to continue to do business with it of vital importance.
Andrew Potter, Reuters

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