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Action needed on euro - David Cameron and Barack Obama Eurozone crisis: Merkel should not be 'singled out' says Cameron
(about 6 hours later)
Action is needed now to stabilise the eurozone, No 10 has said - as David Cameron prepares to meet Angela Merkel to discuss Europe's financial woes. David Cameron has said Germany cannot be expected to resolve the eurozone crisis on her own as a "whole series of measures" are needed.
Downing Street said the prime minister and US President Barack Obama had agreed on the need for an "immediate plan" in a phone call late on Tuesday. Speaking ahead of a meeting on Thursday with Chancellor Angela Merkel, the prime minister said no one leader could be "singled out" for responsibility.
Amid fears Spanish banks may need external help, Brussels has set out plans for a eurozone "banking union". He was speaking after Spain again rejected suggestions that its troubled banks may need foreign assistance.
The UK has welcomed the move but said more needs to be done. The European Commission has also set out plans for a eurozone "bank union".
'Speed needed'
In a conversation on Tuesday, Mr Cameron and US President Barack Obama agreed on the need for an "immediate plan" to stabilise the single currency area and to restore market confidence in the ability of countries to support their banks and pay their debts.
Speaking in Oslo, where he is holding talks with Norwegian prime minister Jens Stoltenberg, Mr Cameron said "speed is of the essence" in dealing with the crisis.
"Every day that the European economies are stagnant are days when opportunities are lost, wealth is lost, jobs can be lost so we need to get our economies moving," he told reporters.
"Clearly the eurozone crisis is the biggest threat to the world economy, it the biggest challenge that we face today..Obviously the Americans are concerned about this but the British economy is six times more exposed to the eurozone than the US economy.
"It is in our interest that we help the eurozone to take the right decision."
The BBC's political correspondent Gary O'Donoghue said that since the UK was not a member of the single currency, there was always a limit to how much eurozone leaders would listen to his advice.
The UK is pressing for a series of solutions including a larger bailout fund, euro bonds and structural reform within the European Union - which could lead to greater fiscal burden-sharing between the poorest and wealthiest countries.
The UK has welcomed plans set out by the European Commission to move towards a common "banking union" across the eurozone as a "positive step in tackling the problem of 'too big to fail' in the banking sector".
The European Commission said its proposed new regulatory framework would allow central authorities to take "decisive" action before a bank gets into trouble to prevent taxpayers having to pick up the tab for bailing it out later on.The European Commission said its proposed new regulatory framework would allow central authorities to take "decisive" action before a bank gets into trouble to prevent taxpayers having to pick up the tab for bailing it out later on.
'Need for urgency''Need for urgency'
The UK said the plans were a "positive step in tackling the problem of 'too big to fail' in the banking sector". No 10 has played down any suggestion of a rift with German Chancellor Angela Merkel about the way forward ahead of Thursday's meeting, saying "all leaders in the eurozone understand the need for urgency" to deal with current problems.
The UK has said strengthening leading banks was one of a number of steps needed to restore market confidence in the eurozone. And speaking on Norway - from where he will travel to Germany - Mr Cameron added: "I don't think we should single out one eurozone leader and put all the responsibility on them. There is a whole series of steps that need to be taken."
David Cameron is pressing for a series of other measures including a larger bailout fund, euro bonds and structural reform within the European Union - which could lead to greater fiscal burden-sharing between the poorest and wealthiest countries. Our correspondent said Mr Cameron's remarks were a recognition that Germany could not be expected to deal with problems in Spanish banks and the eurozone as a whole needed to decide where its future lay.
"The eurozone has taken some steps to put its house in order, but more needs to be done," a No 10 spokeswoman said. Meanwhile, the chairman of the influential Treasury Select Committee has called for the International Monetary Fund to play a greater role in resolving the eurozone's structural weaknesses and to lead contingency planning for Greece's possible exit from the single currency.
No 10 played down any suggestion of a rift with German Chancellor Angela Merkel about the way forward ahead of Thursday's meeting, saying "all leaders in the eurozone understand the need for urgency" to deal with current problems.
The prime minister spoke to the leaders of Canada and New Zealand on Wednesday as well as President Obama while Chancellor George Osborne spoke to his counterparts in G7 countries to "take stock" of the eurozone's position ahead of the G20 summit in Mexico later this month.
Meanwhile, the chairman of the influential Treasury select committee has called for the International Monetary Fund to play a greater role in resolving the eurozone's structural weaknesses and to lead contingency planning for Greece's possible exit from the single currency.
Tory MP Andrew Tyrie said the IMF should evaluate the costs and benefits of a smaller euro area since Germany was "unlikely to maintain the citizens of Greece in the style to which they are accustomed".Tory MP Andrew Tyrie said the IMF should evaluate the costs and benefits of a smaller euro area since Germany was "unlikely to maintain the citizens of Greece in the style to which they are accustomed".