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Transcript: G8 summit at Camp David

"We're addressing here the two biggest threats to all our economies"

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

The Prime Minister David Cameron gave a television interview at the G8 summit in Camp David.


We’re addressing here the two biggest threats to all our economies, and that is, of course, the eurozone crisis, but also the very high oil prices that translate into high prices at the pumps, and we’re making progress on both - particularly on the eurozone.  What is required is a sense of urgency, but then clear actions for strong banks, strong deficit reduction plans, strong governments, and strong contingency plans for whatever might happen.  On all those things, I think, there is a good sense of talks taking place, and a good sense that action needs to follow.

Asked if there was going to be an agreement on doing something?

PM: Well, the G8 can’t instruct the eurozone what to do.  But why meetings like this matter is that eurozone countries can hear from countries outside the eurozone, where… whose economies are affected: obviously Britain, but also America, Japan, Canada.  It’s very important these messages get across, and I would say there is a growing sense of urgency that action needs to be taken, contingency plans need to be put in place.  And the strengthening of banks, governments and firewalls and all of those things need to take place very fast.

Asked how far the German chancellor, Angela Merkel, was the sticking point to any rescue plan for the eurozone?

PM: Well, I think the German chancellor is absolutely right that every country needs to have in place strong plans for dealing with their deficits.  Growth and austerity aren’t alternatives - you need a deficit reduction plan in order to get growth, in order to have the low interest rates that we have in Britain that are vital for the future of our economy.  But clearly, just as Britain benefits from a strong government with a strong deficit reduction plan and strong banks, but also an independent monetary policy giving us low interest rates - helping to push demand in the economy - so the eurozone, I believe, needs that approach as well.

Published 19 May 2012