EU-Britain spat 'sad': ECB chief

19th December 2011, Comments 0 comments

European Central Bank chief Mario Draghi said he was saddened by the increasingly bitter spat between Britain and the rest of the European Union over London's refusal to join a fiscal package to solve the bloc's debt crisis.

"Britain certainly has shown a capacity to undertake a fiscal correction of an extraordinary size. My more general reaction to all this is that it's sad. I think the UK needs Europe and Europe needs the UK," Draghi said in an interview to be published in Monday's Financial Times.

Britain rocked the EU earlier this month when Prime Minister David Cameron vetoed a proposed treaty on measures intended to boost integration and save the beleaguered euro. The other 26 EU nations agreed to press ahead with an inter-governmental pact instead.

Cameron has said that proposed new regulations governing financial services were not in the British national interest.

"The important thing is to restore the trust of the people -- citizens as well as investors -- in our continent. We won't achieve that by destroying the credibility of the ECB," Draghi also said.

© 2011 AFP

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