Glyn Davies, Montgomeryshire's Conservative MP has supported the Prime Minister's decision to veto a new Treaty to transform the EU into a full fiscal union of all 27 member states. In a heated debate on the UK's relationship with the EU last month, Glyn Davies voted against the idea of a referendum on UK withdrawal from the EU, but is implacably opposed to transferring any further powers.
Commenting before attending David Cameron's Statement to Parliament on Monday on his decision to use the veto for the first time ever by a British Prime Minister, Glyn Davies said.
“David Cameron was absolutely right not to agree to the transfer of further powers over the UK economy to EU institutions. The Coalition Government has taken firm action already to put the British economy on a road to recovery. It would not be in Britain's interests to threaten our credibility in the bond markets, and the low interest rates that the UK enjoys.
"Of course I was disappointed that it was not possible to reach an agreement with our 26 EU partners, particularly since we had not sought major concessions. But it was clear that France in particular was not prepared to give any commitment that British jobs and businesses should be protected from uncompetitive and discriminatory regulation. David Cameron, supported by the Liberal Democrats had no option but to use his veto.
"The most worrying aspect of last weekend's Brussels meeting was that almost no progress was made on dealing with the problems facing the Eurozone - it was all about creating a fiscal union, in effect a country called Europe. We still face great dangers that the Eurozone will fail, at least in part, with unpredictable consequences for the whole of Europe. We must all hope the steps taken by the other 26 EU members prove to be successful."