Carney backs EU membership but demands UK safeguards

Stability threatened by further EU integration

Bank of England governor Mark Carney has backed the UK's membership in the European Union, but warned that Britain must secure safeguards to ensure the stability of the UK financial sector.

As the Brexit debate heats up, Carney (pictured), speaking in Oxford on Wednesday, said Britain's financial stability could be threatened by further integration into eurozone, calling on the Prime Minister David Cameron to secure safeguards, reported The Telegraph. While he praised the EU framework, he challenged Cameron to demand "clear principles" to protect Britain's interests outside the euro. "Overall EU membership has increased the openness of the UK economy, facilitating dynamism but also creating some monetary and financial stability challenges for the Bank of England to manag...