Clegg lectures French on debt

Nick Clegg has made a number of high profile overseas trips, including to Brazil last month
Nick Clegg has made a number of high profile overseas trips, including to Brazil last month

The eurozone's success is "essential" to the UK's chances of prosperity, Nick Clegg told French business leaders on Friday.

The deputy prime minister spoke about the similar economic challenges facing the UK and Europe and emphasised the interconnected nature of debt problems on the continent.

Three major errors made by European economies formed the basis of Mr Clegg's speech, including poor fiscal management, too much debt in the financial sector and high house prices based on cheap credit.

He called for domestic action on fiscal policy and banking along with structural reform, but also stressed that European countries would need to work together if they are to overcome the problems.


Mr Clegg said: "The causes of the current troubles are not exclusive to eurozone states, and nor are the consequences.

"Mistakes have been made by countries outside the eurozone as well as those inside it and, as members of the EU, all of our economic fortunes are tied."

The speech was delivered at Le Mouvemment des Entreprises de France and the audience included prominent business people and diplomats.

Mr Clegg also met with French prime minister François Fillon and finance minister François Baroin in Paris, before attending a town hall question and answer event with French students.

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