Commenting on continued developments in the eurozone, Prof Philip Booth, Editorial Director at the Institute of Economic Affairs, said:
“In many ways, the development of a multi-speed Europe would be good for Britain. However, the UK must ensure three things:
“A multi-speed Europe must not provide a back-door way for a majority of countries to have EU-wide powers of financial regulation without unanimous agreement in the EU as a whole.
“Secondly, a multi-speed Europe must be embraced as a wider concept to reduce EU-wide regulation in areas such as employment regulation that are not essential to the free movement of goods, services and capital.
“Thirdly, the eurozone member countries must not be allowed to undermine the free movement of capital in any way.
“These should be pre-requisites for agreement to any treaty that has legal force within the EU. If these conditions are not adhered to very strictly, we know from experience that there will be a drift to the centralisation of regulatory powers in Brussels which will damage – and indeed potentially destroy – the City of Londo