Cameron’s Euro line

One line jumped out at me in David Cameron’s Marr interview this morning. When Andrew Marr asked him if he thought we were halfway through the Euro crisis or nearing the end of it, Cameron replied: ‘I don’t think we’re anywhere near half way through it.’

Cameron clearly does not believe that any resolution to the crisis is in sight. Given that, as long as the Eurozone crisis rumbles on it is hard to see how the British economy returns to robust growth, this is immensely significant.

It does, though, make me wonder if the government’s approach to the crisis should now change. If the Eurozone isn’t going to accept, as Cameron has called for it to, fiscal transfers and collective debt insurance, then arguing for as orderly as possible a break-up might be the least worst option. But for diplomatic as much as economic reasons, I doubt that the British government will do this.