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David Cameron urges euro zone action

business Updated: Oct 02, 2011 23:03 IST

Europe must urgently fix its banks and deal with its debts, British Prime Minister David Cameron said on Sunday, warning that the euro zone crisis risked harming Britain's economy and stunting global growth.

Speaking on the opening day of his Conservative Party's annual conference, Cameron said that he would stick to his coalition's deficit-cutting plans despite signs that the British economy is stalling.

He also said Britain must remain part of the European Union (EU), disappointing right-wingers in his party who see the continental crisis as a chance for an abrupt end to four decades of closer integration with EU partners.

Any prolonged crisis in the rest of Europe, the UK's main export market, would hurt Britain when the government is trying to rebalance a struggling economy by increasing the sale of goods and services overseas.

"The euro zone is a threat not just to itself but also a threat to the UK economy and a threat to the worldwide economy," Cameron told BBC television.