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Eurozone members must take difficult decisions

Eurozone members must take difficult decisions

The British prime minister has insisted difficult decisions need to be taken by members of the eurozone.

Speaking at this week's G20 summit in Mexico, David Cameron said this is critical to the future success of the financial bloc.

He stated that Greece in particular is facing a number of obstacles at the moment that need to be overcome. However, he warned that when the country's new government is formed in the wake of its recent election, it will not find it easy to address these problems.

Mr Cameron acknowledged that the British government has asked members of the eurozone to take steps the UK is unwilling to take itself. However, he stressed that Britain is not a member of the eurozone and is not planning to adopt the single currency.

"We didn't join precisely because we didn't want to give up the kind of sovereignty over our national economy that is essential to making a currency union work," Mr Cameron commented.

"But we are full members of the European Union and a significant net contributor to its budget."

This, he said, means the steps taken by eurozone members over the next few weeks and months will have a direct impact on the UK economy.

Mr Cameron stated that the problems have arisen partly because officials were too optimistic "at the outset about the economic fundamentals in the periphery of the eurozone".

As a result, asset values, wages and prices went up too quickly, which therefore reduced competitiveness and led to considerable debt and budget shortfalls "when the bubble burst".

The PM said members of the financial bloc must therefore try to reduce wages and prices in this area to restore competitiveness or step up the amount of collective support and responsibility across the financial bloc. Mr Cameron added that the political will to make sacrifices along these lines is just as much of a challenge as the current economic environment.

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