Skip to comments.EU: [PM]David Cameron hits out at EU over euro failings
Posted on 01/27/2012 1:27:45 AM PST by bruinbirdman
David Cameron has launched an attack on Europe for failing to deal with its "perilous" financial crisis, as he warned the euro doesn't have the qualities of successful single currency.
The Prime Minister risked fuelling tensions with France and Germany by weighing into the debate on the future of the euro. His comments come just weeks after being accused of "interfering" by French president Nicolas Sarkozy.
Speaking at the World Economic Forum in Davos, Mr Cameron said Europe "has a long way to go" and must stop throttling growth with excessive bureaucracy and "mad" taxes.
He urged European leaders to be "honest about the overall situation", rather than hoping it would go away.
Mr Cameron turned up his rhetoric on Europe's shortcomings, amid fears its failure to act is dragging the UK back into recession. He is under additional pressure from his own party to stop Europe burdening Britain with too many rules.
François Hollande, the socialist rival to Sarkozy in the forthcoming presidential election in France, laid out an election manifesto that pledged to rein in financial services and block the EUs fiscal treaty.
Boris Johnson, the Mayor of London, accused Mr Hollande of political vindictiveness and said the policies could damage the City.
Mr Hollande is proposing a 15pc tax on bank profits, the banning of toxic financial instruments, a tax on financial transactions, and raising taxes on the wealthy to finance an expansion of the civil service.
We will separate the speculative sector from the credit sector, he added.
Addressing a gathering of the world's business elite, Mr Cameron called on Europe to stop making its economic situation worse with a "mad" tax on financial transactions.
"In the name of social protection, the European Union has promoted unnecessary measures that impose burdens on
(Excerpt) Read more at telegraph.co.uk ...
Bookmark, thanks for posting.
The US and the UK certainly have enough of their own fiscal and monetary problems, but it’s always fun to jab the Euros. In fact, you almost can’t help it.