Sharon Bowles MEP accuses Conservative and Labour MEPs of threatening the economic stability of the City and the UK

Liberal Democrat MEP Sharon Bowles, the Chair of the influential Economic and Monetary Affairs Committee in the European Parliament, has accused fellow Conservative and Labour MEPs of undermining the economic stability of the Eurozone and UK for their refusal to back tighter fiscal rules for euro members.

Ms Bowles, who was heavily involved in the negotiations on the economic governance package adopted by the European Parliament today, said:

"The UK is not an island in economic terms. Our economic fate is closely linked to what happens to the Euro. It is in the UK's interest to make sure that economic policy coordination across the Eurozone improves and quick and automatic sanctions are put in place for euro members flaunting fiscal rules.

"I've just returned from the IMF where there was fear of a global meltdown similar to that following the collapse of Lehman brothers, if the Euro crisis is not solved.

"Against this background Labour and Conservative MEPs who refused to back this common sense package have acted in a very irresponsible manner. Threatening the stability of the Eurozone is threatening economic recovery, and worse, in the UK."

Ms Bowles also accused Conservative MEPs who voted against the new rules of actively undermining the UK Government, which strongly supported the package adopted today in the European Parliament.

She added: "How can George Osborne credibly call for better economic governance and tighter fiscal rules in the Eurozone when Conservative MEPs vote against such measures."

ENDS

Note to editors:

The European Parliament today voted on six pieces of legislation on economic governance, the so-called "six pack". Ms Bowles was one of the key negotiators securing big improvements to the package such as a strengthened commitment to the single market, embedding the principle of independence of statistics across the EU (such as the UK's Office of Budgetary Responsibility), strengthening the Stability and Growth pact by introducing automatic sanctions for euro member states that flaunt tight fiscal rules and greater transparency and involvement of the European and national parliaments.

• Display: Accessible
• Switch to: Desktop / Mobile (requires cookies)

• My Account.
• Privacy Policy.
• Other Party Sites.