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Clegg: Eurozone 'risks extremism'

Deputy Prime Minister Nick Clegg has criticised the lack of leadership on the eurozone crisis, raising fears of a rise in extremism and civil unrest unless it was addressed.

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Miliband: Collective austerity has not worked

Ed Miliband said he had coined a new phrase - "Cam-Mer-Kozy economics" Credit: Press Association

Labour leader Ed Miliband said he had coined a new phrase - "Cam-Mer-Kozy economics" - to sum up the approach taken by the Prime Minister, German Chancellor Angela Merkel and former French president Nicolas Sarkozy over the last two years to tackling the eurozone crisis. He said:

"It's about collective austerity and it hasn't worked. It is time to wake up and recognise it and that's what the Prime Minister needs to do."

"Over the last few days he has found himself beached somewhere between President Obama and President Hollande and Chancellor Merkel, not quite sure where he is"

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