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European Council

We had a very good discussion at the dinner, which involved all EU members, not just eurozone members. As someone who has never supported Britain's joining the euro and who has always had concerns that the currency area was not optimal—as I said in my statement, I would make the argument that with a single currency, a move towards a single fiscal policy was needed, but that was never done—I must say it is profoundly not in Britain's interest to see the break-up of the eurozone. If that happened, there would be very bad consequences not just for eurozone countries, but for Britain. We should take a hard-headed, practical view and recognise that 44% of our exports go to eurozone countries. If that broke up, it would be bad for Britain. We should be making positive suggestions about what eurozone countries can do to make sure that they get the stability and growth that we all need. There is fiscal consolidation, active monetary policy, cleaning up bank balance sheets, getting ahead of the markets and showing that we want this to be a success. That is what needs to happen and, as I say, standing on the sidelines and saying, ““Well, we told you this wasn't a great idea”” is not the right approach.