The European Central Bank has lowered its benchmark interest rate to 0.25% from 0.5% - a new record low.
In a speech in which Nick Clegg argued that Europe "richer, stronger, safer and greener", the deputy prime minister also outlined "isolationist forces" which he says are on the rise in Britain.
He said: "The isolationist forces in Britain are on the rise - UKIP on the doorstep; Conservative politicians at their conference; familiar headlines in some of our newspapers each placing Britain’s ills firmly at Brussels’ door: too much immigration, too much crime, too much red tape.
"And every time Europe is back in the spotlight, their hostility towards it – this negative reaction to all things continental – drowns out the other voices in this debate."
Nick Clegg's speech was entitled Richer, stronger, safer, greener.
Deputy Prime Minister Nick Clegg used a speech on Britain and Europe to say pro-Europeans need to take responsibility for the "negative reaction to all things continental".
Traditional fireworks lit up the night sky near the Eiffel Tower on Sunday as Parisians gathered under France's most beloved monument to celebrate Bastille Day.
Sparkles of red white and blue burst overhead as onlookers grooved to a mix of French songs, international dance numbers and even an occasional Bollywood tune thrown in.
The 'Liberte, Egalite, Fraternite'-themed display that lasted about thirty minutes cost the city 600,000 euros, local media reported.
Bastille Day is the name given to France's day of national celebration, often called La Fete Nationale in France.
Former Business Secretary Lord Mandelson said: "If Britain quit the EU, amongst the losers would be businesses foregoing trade and investment opportunities, their employees whose jobs and workplace rights would be at risk, the police and security agencies who would sacrifice vital collaboration."
"The British people would lose the freedom to travel, live and work as they wish across Europe," he continued.
"In return we would get the dubious satisfaction of standing alone in the world."
Treasury minister Danny Alexander said the EU was "one of the central pillars of British prosperity and security".
"Membership of the EU gives market access to British firms, makes us more attractive to overseas investors, and underpins more than three million British jobs," he said.
"EU trade deals with the US, India, Canada and Japan will be worth billions to the UK economy but could not be won by the UK alone."
"Britain must work with our allies for change from within to ensure the EU continues to take reform seriously.
"The isolationists are reckless with our prosperity and security. We cannot let them succeed."
Conservative minister Ken Clarke has joined forces with Liberal Democrat Danny Alexander and Labour's Lord Mandelson to warn that leaving the EU would be an "historical error".
The politicians insisted the UK should work to reform the organisation from within rather than walking away.
Mr Clarke, regarded as the sole Conservative europhile in the Cabinet, said: "David Cameron has already shown what can be achieved in Europe through strong, determined leadership.
"We earn our living in a globalised economy and a world in which nations are interdependent in tackling global and regional problems.
"We can help to promote our own interests best by reinforcing our role as a leading nation in the EU."
They were airlifted to safety as floodwaters swept through many towns and villages in the south of the country.Read the full story ›
Flood levels in the eastern German city of Dresden were expected to rise further today as the Elbe river flooded large parts of the old town.
Some 1,000 people have been evacuated from their homes so far and the city issued a level four flood warning - the highest on the scale.