UK Chancellor Says EU Needs Reform or Country Could Leave Eurogroup

The UK could be forced to quit the European Union if the organisation does not reform, George Osborne has warned.

The chancellor said it was essential to “protect the collective interests of non-eurozone member states” while the rest of the EU forged stronger links.

Without such reform, the UK might “face a choice between joining the euro or leaving” the EU, he said.

The 28-member group also had to do more to ensure economic competitiveness with rivals like India and China, he added.

Labour said David Cameron’s “weakness” regarding his party was preventing reform, while the UK Independence Party said the prime minister had repeatedly “caved in” to Brussels.

Mr Osborne’s speech followed the Conservative leadership rejecting a call from 95 of the party’s MPs to allow Parliament to block EU laws which damage the national interest

via BBCt

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza