BREAKING NEWS

UK's Osborne: Euro in a 'better' place after treaty

By REUTERS

DECEMBER 10, 2011 16:26

LONDON - British Finance Minister George Osborne said on Saturday that euro zone countries had supported their currency by agreeing to draft a new treaty for deeper economic integration, but much work still needed to be done to stabilize it.

Osborne also reiterated Prime Minister David Cameron's view that Britain was right to opt out of the plan for a fiscal union on Friday because it was not in the UK's interests.

Britain was left isolated as the other 9 EU countries outside the currency bloc said they were prepared to back the 17 euro economies in a new treaty, although some sounded notes of caution.

Asked on BBC Radio whether the euro was safer than 48 hours ago, Osborne replied: "I think things are better than they were because they are now going to coordinate their budget policies in the kind of way that probably was necessary ... but it is a necessary but not sufficient condition of getting the euro to work more effectively."

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