'Let me explain why this matters. Of course, we want the Eurozone countries to come together and to solve their problems. But we should only allow that to happen inside the European Union treaties if there are proper protections for the single market and for other key British interests.
'Without those safeguards, it is better not to have a treaty within a treaty, but to have those countries make their arrangements separately. That is what is now going to happen. Britain's interests in the European Union - keeping markets open, free trade, selling our goods and services with rules over which we have a major say - all those things are protected.'