Prime Minister David Cameron has made it clear that British interests will not be compromised in a bid to solve the eurozone debt crisis through an EU treaty change.
Britain is said to have indicated its willingness to help the eurozone solve its debt crisis with Cameron advocating policies that would improve competitiveness in Europe while building trust in global markets.
"Neither of those things actually require treaty change, but I'm very clear: If there is treaty change, then I will make sure that we further protect and enhance Britain's interests," Business Week quotes Cameron as saying after meeting with French President Nicolas Sarkozy in Paris.
Sky news reports that eurozone's two biggest economies Germany and France, want the 17 countries who use the euro to co-operate more in drafting their fiscal policies in order to save the single currency.
The two countries are expected to call for tougher rules against government overspending to be written into the EU treaty at the next EU summit, according to Business weekly.
BackgroundEurozone’s debt crisis refers to high budget deficits and debt levels with Greece, Ireland and Portugal, as the most affected countries.
The crisis which followed the global financial meltdown is making investors demand higher interest rates from governments with higher debt levels or deficits, leaving governments to struggle to finance further budget deficits and service existing high debt levels.