Chancellor did 'excellent' job
The Chancellor did an "excellent" job when he negotiated a new eurozone supervisory body with finance ministers, David Cameron has said.
The Prime Minister was speaking as he arrived for summit talks in Brussels.
He insisted the changes taking place offered the Government an opportunity to "get a better deal for Britain in Europe".
European ministers made the first step towards banking union early today when they agreed that the European Central Bank would begin supervising the 200 largest banks from 2014 onwards.
"I think the Chancellor of Exchequer has done an excellent job, because the EU, the eurozone, needs a banking union but Britain won’t be part of this banking union, and we’ve properly protected our interests in the single market," the Prime Minister said.
"But this change taking place does give us the opportunity to argue for the things that we want in Europe and get a better deal for Britain in Europe. That’s what I’m interested in discussing and pursuing for Britain. That won’t be decided today, but it’s the start of some important conversations where I think Britain can actually do better."
George Osborne earlier said Britain had got a "very good deal" from the negotiations, with an agreement that any decision by the European Banking Authority would have to be agreed by a plurality of non-eurozone EU members.
The No.10 spokeswoman said today: "It shows that when you go in with clear and principled arguments and make your case you can succeed. And that's what Britain did last night."