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.
He was due to tell Schäuble:
"What we seek are principles embedded in EU law and binding on EU institutions that safeguard the operation of the union for all 28 member states. The principles must support the integrity of the European single market."
The new principles "must ensure that as the Eurozone chooses to integrate it does so in a way that does not damage the interests of non-euro members," according to an advance copy of his speech released to the media in London.
In a clear sign of animosity at having been asked to join in the Greek bailout — which the UK vetoed — he was due to say:
"There will be cases where non-euro members want to participate in developments like the banking union. But that participation must be voluntary, and never compulsory. We must never let taxpayers in countries that are not in the euro bear the cost for supporting countries in the Eurozone."
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