Britain must not 'undo' EU

By Szu Ping Chan

Europe's commissioner for economic and monetary affairs said that Britain was "stronger", "healthier" and more influential as a member of the EU.

Mr Rehn urged Britain to "focus on reform rather than repatriation.

"If I were a British citizen, I would want my country to be playing as a midfield playmaker rather than watching from the sidelines," Mr Rehn said in a speech in London on Thursday.

"No one ever scored goals sitting on the bench."

"Whatever choices Britain ultimately makes about its future in Europe, I trust this great European country will support the rebuilding of our economic and monetary union, in line with Chancellor George Osborne's political maxim that “the remorseless logic” of monetary union leads to greater economic union," he added.

"We have before us many more far-reaching choices, in the eurozone and in the wider European Union. In that context, I believe it is firmly in Britain's interest to use its energy for reforming Europe rather than seeking to undo our Community, which would leave us all weaker."

Earlier this week, Mr Rehn backed George Osborne's austerity drive. "I don’t believe that fiscal consolidation plans should be reversed, as growth is now set to start to pick up,” Mr Rehn told The Times.

“It [fiscal consolidation] is still decisive in affording favourable financing conditions into the UK and therefore it should be maintained.”

Leading central bank experts have warned that it would be "suicidal" for Britain to leave the EU because it would "lose the protection it currently enjoys as the eurozone’s major financial centre.” Telegraph