Cameron presses for 'better deal' in Europe

European leaders pose for the traditional family photo at the start of the EU summit
European leaders posed for the traditional family photo at the start of the summit Photo: Twitter/UK Permanent Representation to the EU

David Cameron has said he will use the summit of EU leaders to push for "a better deal for Britain in Europe" after an agreement was reached to set up a new system of tougher banking supervision for the eurozone.

The Prime Minister made clear at the summit in Brussels that banking union and deeper integration between the 17 eurozone member states was the springboard for negotiating what he calls a new "settlement" for the UK in Europe.

Cameron praised Chancellor George Osborne's role in reaching a banking union deal - after winning safeguards for British banking sovereignty.

The Prime Minister said: "I think the Chancellor has done an excellent job because the European Union, the eurozone, needs a banking union but Britain won't be part of this banking union and we have properly protected our interests in the single market."

ITV News' James Mates reports:

An overnight accord between EU finance ministers paved the way for the summit to endorse a single eurozone banking supervisor.

Cameron said the UK's new place in the EU was not currently on the agenda, adding: "Britain's not in the euro, we're not going to join the euro so we won't be part of that integration.

"But this change taking place does give us the opportunities to argue for the things that we want in Europe and get a better deal for Britain in Europe."