It’s good news that the UK will play no part in any Euro bail out under the new system from 2013 onwards. What most of us want to know is who will bail out and how will they bail out any member state in the Euro that gets into trouble in 2011 and 2012.
I want to see the Heads of government agree a sensible plan to ensure the stability of the Spanish banking system, and to ensure the continued funding of the Euro member states that have borrowed too much. These are pressing and immediate issues, not things to resove in 2013.
The Uk must avoid being dragged into the financial turmoil within the Euro area. The Uk needs to continue to nurse its own damaged finances and banks back into health. We do not have the financial strength to go to the financial support of any more Euro area states and banking systems.