UK leaders hit out at Germany and France

Published on 27 January 2012 at 12:44


“Cameron attacks Eurozone,” headlines the Financial Times, after the British PM has delivered what the London daily terms “a firm rebuke” to Germany at the World Economic Forum in Davos, Switzerland.

Calling on Berlin to contribute more resources and guarantees to help solve the eurozone crisis, Cameron was particularly blunt about the introduction of a financial transaction tax – an initiative he described as “quite simply madness”.

His speech, the Financial Times continues –

Receive the best of European journalism straight to your inbox every Thursday

…reflected British officials’ long-standing and deep frustration with Germany’s leadership of the single currency area and called for a much stronger firewall to prevent contagion within the eurozone, common European sovereign debt and for powerful countries committing to reduce their trade surpluses as much as the struggling countries seek to minimise their deficits.

In the meantime, notes The Times, the PM is also caught up in a “new round of cross-channel tensions” with France.

Cameron and Mayor of London Boris Johnson fear that French socialist François Hollande, tipped to win power in the May presidential elections, could “scupper the EU’s economic rescue plan and undermine the City,” writes The Times.

In a sixty-point manifesto published on January 26, Hollande “promised to rip up the EU’s fiscal treaty, which is due to be approved on Monday,” the London daily notes. He also made the financial industry -

… his main target, with promises of a 15 per cent increase in taxes on bank profits, the banning of trading in “toxic” financial instruments, a ban on stock options, caps on bonuses and a swift tax on “all financial transactions”.

The Mayor of London accused Hollande of “short-term political vindictiveness.”

Was this article useful? If so we are delighted! It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans. Discover our membership offers and their exclusive benefits and become a member of our community now!

Are you a news organisation, a business, an association or a foundation? Check out our bespoke editorial and translation services.

Support independent European journalism

European democracy needs independent media. Join our community!

On the same topic