A European banking union, which will be on the agenda of tomorrow’s European Union meeting, poses a risk of discrimination against non-euro members of the EU, U.K. Deputy Prime Minister Nick Clegg wrote in the Financial Times.
“Technical decisions -- such as rules requiring companies trading in euro-denominated products to have operations in the eurozone -- can and do seriously disadvantage non-euro countries,” Clegg wrote.
Proecting the single currency must not become “protectionism within the single market,” Clegg wrote.
Clegg said dealing with the effects of a deeper euro-area integration poses a challenge. “Economic marginalization of the U.K. would bolster calls for a complete exit from the EU,” he wrote.
“I want to see the U.K. standing tall in Europe, not forced to the sidelines, or, worse, out the door,” the deputy prime minister wrote.
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