Some may see George Osborne’s emphasis on the euro’s woes as a bit of an excuse, others as positive engagement by a Conservative chancellor in European matters.

In his speech today, Osborne was blunt about what’s worrying the markets: “There is a lack of belief in the ability of political systems in the Eurozone and North America to respond.”

And what needs to be done: “The Eurozone must now:

“Implement as quickly as possible their 21st July agreement; Resolve the uncertainty with respect to Greece; Specify how they intend to fulfil the commitment made at last week’s G7 meeting to “take all necessary actions to ensure the resilience of banking systems and financial markets”.

“Crucially, my European colleagues need to accept the remorseless logic of monetary union that leads from a single currency to greater fiscal integration.”

I also liked this about what sounded like quite humble beginnings: “Over 40 years ago my father set up his own business, manufacturing and selling home furnishings. Over the years it’s grown to employ a couple of hundred people.” The speech is here.

This post originally appeared at David Smith’s EconomicsUK and is reproduced with permission.