Britain Warns Germany Against Europe Split Over Currency Union

Tuesday, November 3, 2015
By Paul Martin

UK Chancellor George Osborne has warned his German counterpart Wolfgang Schäuble that the European Union is in danger of splitting into two, with those in the Eurozone exerting authority over those countries who are not part of the Eurozone.

The news comes as German Chancellor Angela Merkel admitted there was no longer a “one speed Europe”.

Osborne has made it clear he believes there is a genuine possibility that the 19 countries currently in the Eurozone will exert undue influence over those member states — such as the UK, Denmark and Hungary, among others — which are not part of the euro single currency. In outlining his demands for “legal guarantees” as part of renegotiating Britain’s membership of the European Union.

He believes that new voting rules introduced as part of the Lisbon Treaty could lead to the Eurozone bloc voting for single market laws that favor the Eurozone nations and penalize non-euro countries. In particular, he does not want Germany to exert undue influence that would enable Frankfurt to usurp London’s dominance of the financial sector in Europe.

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