Cameron May Find Support In Germany For A Better EU Membership

Upon his re-election as British Prime Minister, David Cameron pledged to begin negotiations with eurozone policymakers in order to revise the UK's membership within the EU.

During his campaign, Cameron promised to hold a referendum on the region's membership by 2017, though he has made it clear he is more interested in changing the terms of the membership than he is in ending it completely. While his initiative has prompted many to worry that the EU will be rigid in the rules governing membership, comments from German Finance Minister Wolfgang Schauble this week suggest that Cameron may have an ally.

Meeting Of The Minds

On Tuesday, Schauble told the Wall Street Journal that he hopes to arrange a meeting with the UK's Finance Minister, George Osbourne, in order to discuss how the UK would like to move forward. Schauble's comments appear to show support for the UK's plan to rewrite some of the rules governing the EU, suggesting that London won't be fighting for change on its own.

Related Link: Euro Reverses Gains As ECB Proves It Means Business

Parallel Views

One of Cameron's main arguments for revising the EU treaty is the drain on national tax payers when immigrants migrate to a new country and begin collecting welfare and state benefits. This is something that wealthy eurozone countries like Germany have also championed and would be likely to support.

The UK is also pushing for the ability to turn down some of the EU's regulations, something Germany says could be achievable of the EU reworks its treaty. German officials have been very vocal about their desire to unify the region's fiscal policies in order to prevent another financial crisis and support the common currency, and doing that would make the region better able to cut some of its ties with the UK.

Posted In: EurozonePoliticsMarketsGeneralDavid CameronWolfgang Schäuble
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