David Cameron, Britain’s prime minister, will today warn that the single European currency could unravel in a way that “carries huge risks for everyone” unless the eurozone’s 17 members move rapidly towards full fiscal and political union.
“The eurozone is at a crossroads,” Mr Cameron will tell a business audience in the north west of England. “It either has to make-up or it is looking at a potential break-up.
“Either Europe has a committed, stable, successful eurozone with an effective firewall, well-capitalised and regulated banks, a system of fiscal burden sharing and supportive monetary policy across the eurozone or we are in uncharted territory which carries huge risks for everyone.”
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