Best Exchange Rate Pound to Euro: Cameron Loosens His Euro Deal StanceMarch 29th, 2012
Getting the best exchange rate pound to euro has always been top of David Cameron’s agenda since coming into power and his views opposing the Euro have become very favourable among the public, political and financial leaders alike. On the 28th January 2012, Cameron sparked anger among the Tory party by suddenly relaxing his view on the euro, which he has historically remained very strong on and formed a new deal to help support the euro. Once again euro officials are trying to secure more money from both members of the EU and elsewhere to help save the foreign currency.
Cameron contrary to his previous view has now agreed that the European Court of Justice could be used to enforce limits on state spending in the euro zone, he has previously been strongly opposed to this idea and adamantly insisted the institutions of the European union, which are funded by the UK, must not be used to bring about any such treaties and completely refused to sign up to this. He announced that he would no longer try and veto the deal.
Essentially the new treaty once signed will mean that the European Court of Justice will be able to fine countries that fall out of line with the strict rules surrounding deficits and debts, which many are breaching on a regular basis. Many from Westminster believe Cameron has conceded as a compromise to Deputy Prime Minister Clegg, who has always believed that the UK should agree to the treaty.
The Euro zone crisis is affecting the UK and making getting the best exchange rate pound to euro a complex and politically driven problem. The UK could be asked to pile in yet more money – nearly £15 billion to be exact – this will be not be well received by the very euro critical conservative party with which Cameron once held a shared view.
It is believed that the change of heart from Mr Cameron, comes out of changes to the terms and conditions of the uses of the European Court of Justice, in such a way that they have been relaxed enough to pose no serious threat to the UK economy and getting best exchange rate pound to euro. In addition the World Economic Forum exposed the UK’s readiness to increase funding, with the condition that the Eurozone put into place stringent processes to holdup their own foreign currency.