The stability of the euro is hugely important to the UK according to Chancellor George Osborne. Mr Osborne’s speech which took place at a business conference held in Manchester, included his beliefs that the salvation of the euro is pushed for time and, whilst he is sure that UK could cope if the euro is unable to be saved, it is in our best interests that it recovers as we are not completely resilient to the financial crisis.
He went on to urge the eurozone to accept the seriousness of the situation and start fixing it as quickly as possible. He also recommended that the eurozone leaders need to recognise that a mutual currency has to lead to a greater integration between the participating countries.
Similarly, the shadow chancellor Ed Balls has expressed the severity of the eurozone’s financial situation. He reacted to Mr Osborne’s statements by articulating his relief that the UK appears to finally be recognising the gravity of the eurozone crisis.
Late on Friday, a meeting will take place in Poland between the EU finance ministers. George Osborne will be in attendance as well as Timothy Geithner, the US Treasury Secretary who is expected to highlight the US’s concerns over the possibility the eurozone’s problems will start to affect the rest of the world.
Divided opinions in the eurozone over the level of support for struggling economies and calls for Greece to impose stricter measures on its spending cuts, has caused chaos in the markets.
However, Evangelos Venizelos, the Greek Finance Minister, remains confident that the likelihood of a default on its debt is extremely low and all targets will be met.
Yesterday, five central banks publicised their intentions to unite to aid the financial problems in the world. They aim to do this by providing commercial banks with extra funding to cushion them against the pressures they are under.
Want to learn more?
Subscribe to our newsletter to get accounting tips like this right to your inbox
About The Author
MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.