G20

My views on the euro are well known: I do not think that Britain should join it. However, there are three steps that all countries should be taking, whether or not they are in the euro. First, they should be putting in place plans to deal with fiscal deficits and put them on a proper, long-term footing; secondly, they should be pursuing structural reforms, as we have done in this country, to make it easier to start and grow businesses—European countries could do more in that regard—and thirdly, and crucially, Britain and America have shown that an active monetary policy, delivered by an independent central bank, can make a real difference. Given the signs of rather staggered growth in Europe, I think the European Central Bank needs to take that action as well.