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Sarkozy and Cameron to work together on bank reform

Reuters

British Prime Minister David Cameron and French President Nicolas Sarkozy agreed to work together on banking regulation during the Conservative leader’s first foreign trip since he came to power. The leaders said they had formed a new partnership.

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Cameron had dinner with Sarkozy at the Elysée before attending a press conference.

“One of the areas in which the president and me have very much a shared agenda is making sure that at the forthcoming G8 and G20 we really look at reform of our banking system,” said Cameron.

The next G20 summit is in Toronto next month, which Sarkozy is presiding over.

They both back a banking levy to take back funds from banks that need public bailouts and a separation of high street banks from riskier banking businesses.

The new British prime minister is a known euro-sceptic and critic of the single currency. But he stressed that it was in Britain’s interests for the euro to succeed.

Sarkozy said the euro had prevented indebted countries devaluing their currencies to inflate away their debt, a problem that cost millions of jobs in the 1990s.

“I am among those who think that we are stronger united than isolated,” he said. “Great Britain will decide whatever it decides and I’m sure it will make the right decision.”

Cameron is due to visit German Chancellor Angela Merkel in Berlin on Friday at 11:30 GMT , they will be discussing the future of Europe and market reform.

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