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Eurozone crisis: Merkel should not be 'singled out' says Cameron Eurozone crisis: Merkel should not be 'singled out' says Cameron
(about 9 hours later)
David Cameron has said Germany cannot be expected to resolve the eurozone crisis on her own as a "whole series of measures" are needed.David Cameron has said Germany cannot be expected to resolve the eurozone crisis on her own as a "whole series of measures" are needed.
Speaking ahead of a meeting on Thursday with Chancellor Angela Merkel, the prime minister said no one leader could be "singled out" for responsibility.Speaking ahead of a meeting on Thursday with Chancellor Angela Merkel, the prime minister said no one leader could be "singled out" for responsibility.
He was speaking after Spain again rejected suggestions that its troubled banks may need foreign assistance.He was speaking after Spain again rejected suggestions that its troubled banks may need foreign assistance.
The European Commission has also set out plans for a eurozone "bank union".The European Commission has also set out plans for a eurozone "bank union".
'Speed needed''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.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.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."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. "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.""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 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 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 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".
David Cameron has deliberately avoided piling direct pressure on Germany to shoulder all the responsibility, saying he felt it wasn't right to single out one government.
But he has sought to keep up the pressure in other ways by saying that time was of the essence and the eurozone crisis was the single biggest threat to the world economy.
That message has been backed up by President Obama, who called both the German chancellor and the Italian prime minister the diplomatic equivalent of banging heads together.
In truth, though, the urgency of the situation is not in doubt - it's the means to resolve it where disagreement can still be found.
For example, Germany doesn't like the idea of bailing out Spanish banks directly - Spain doesn't like the idea of taking money with strings.
David Cameron will have to tread a delicate path - being outside the eurozone club he cannot dictate terms, but he's also all too aware that a quick solution is vital for stability and growth at home.
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'
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.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.
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."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."
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.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.
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.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".