Osborne: EU must reform or face economic decline

The Chancellor has issued a warning on the need for the European Union to reform or face economic decline in a speech. He reiterated the Conservatives' vow to renegotiate the terms of Britain's membership, declaring: "We can't go on like this."

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Osborne: European Treaties are not fit for purpose

Chancellor George Osborne has described the EU treaties as "not for for purpose" in a speech on EU reform.

What is becoming clearer as the eurozone integration increases, is we're now at a point where we're stretching the EU institutional architecture to its limits

We risk going beyond what is legally possible or politically sustainable the EU treaties are not for for purpose. They didn't anticipate a European Union where some countries would pursue dramatically deeper integration than others

Rather than face up to truth, those in Brussels are being forced into legal gymnastics as they try to stretch the existing treaties to fit a situation they were not designed for

– George Osborne

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