Global Financial Strategy - MEP slams UK on refusal to join euro

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MEP slams UK on refusal to join euro

Tuesday 29 March 2011 – by Andrew Hickley

Influential MEP Wolf Klinz has blasted the UK for its refusal to join the euro currency, arguing that the project is being undermined by the country’s “undue influence”.

Describing the euro as both a “currency project and a political project”, Klinz told a heated committee session that the country’s steadfast rejection put it in a position where it had different objectives to the rest of Europe.

Chairing the Special Committee on the Financial, Economic and Social crisis meeting, he said that every other nation in the bloc ultimately wanted to move to the single currency.

With the UK refusing to put the interests of the single currency first while sitting “on the sidelines”, he called for support from the committee to disentangle the UK from the bloc’s core decision-making process.

Klinz said: “They could have some kind of different status but they are not full members of the EU, I would say that to the UK. I wonder if we would have courage to say that in our committee.

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“We now have a situation where we need to take decisions on a European level with the agreement of member states that are not really on board and not behind the euro project, and this is not justified in my opinion.

“It gives them leverage and that gives them undue influence.”

The CRIS committee has no legislative powers, instead acting to provide detailed analysis and recommendations for measures aimed at supporting a global recovery.

Rapporteur Pervenche Berès’ final report was discussed at the meeting. It recommended measures such as reinventing the G20 as an Economic Security Council alongside the introduction of eurobonds and a financial transactions tax.

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