In his talks with the German Chancellor in Berlin this afternoon, the British Prime Minister vehemently endorsed more "de-sovereignization" of the nation-states on the continent, leaving no doubt at the same time that, although favoring it, Britain will not be part of it: "I can understand why eurozone countries may want to look at elements of banking union. Because we are not in the single currency, we won't take part in the profound elements of that banking union. I wouldn't ask British taxpayers to stand behind the Greek or Spanish deposits."
"It is not our currency, so that would be inappropriate to do," Cameron added. "I understand why single currency countries have to look at deeper integration. I will make sure that Britain's interests, particularly in the single market, and the openness and fairness of the single market are protected. That is key for Britain."
On that, Cameron apparently agrees with the U.S. President, with whom he was on the phone on Wednesday. A spokesman of Cameron told the press ahead of the Berlin meeting: "“Mr Cameron and Mr Obama agreed on the need for an immediate plan to tackle the crisis and to restore market confidence as well as a longer-term strategy to ensure a strong single currency." Cameron, the spokesman added, "wanted to deliver the same message that he had in a speech in Manchester on May 17, when he warned [that] the eurozone needed to “make up, or it is looking at a potential break-p.'
Cameron's agenda for Germany and the eurozone (not for Britain, naturally—ed.) includes four elements: a bigger fund to provide a firewall against further serious problems; better capitalized banks; shared eurozone bonds; and a more active monetary policy from the European Central Bank. The latter aspect has been postponed to a later date, as the ECB yesterday decided not to lower interest rates, keeping them at 1 percent, increasing pressure on the governments to sort out the currency'’s problems instead.