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Slideshow D-Day: A look back Images from the Allied landings at Normandy. Slideshow UK wants safeguards if euro zone forges bank union Tweet Share this Email Print Related News EU, Germany exploring Spanish rescue, no request yet 2:40am EDT It's your job to fix crisis, ECB tells governments Wed, Jun 6 2012 Germany finalizing face-saving aid deal for Spain Wed, Jun 6 2012 EU edges towards banking union, too late for Spain Wed, Jun 6 2012 Spain says markets closing on it, seeks help for banks Tue, Jun 5 2012 Analysis & Opinion In Spain, Germany is villain, not savior ECB and euro governments play chicken Related Topics World » Britain's Chancellor of the Exchequer George Osborne leaves his official residence in Downing Street in central London June 6, 2012. Credit: Reuters/Toby Melville LONDON | Thu Jun 7, 2012 4:02am EDT LONDON (Reuters) - Britain will want to ensure safeguards are in place to protect its financial sector if the euro zone moves towards establishing a banking union, British finance minister George Osborne said on Thursday. In an interview with BBC Radio 4, Osborne also urged the single currency bloc to use its bailout fund to recapitalize Spain's troubled banks. "There is no way that Britain is going to be part of any euro zone banking union," Osborne said. "I think Britain will require certain safeguards if there is a full-blown banking union." Britain is determined to protect the interests of the City of London, its financial hub that provides a significant share of the government's tax revenues. Osborne said any significant steps towards common bank depositor insurance in the euro zone would require a treaty change, which in turn would need British consent. He was speaking hours before Prime Minister David Cameron was due to discuss the euro zone crisis with German Chancellor Angela Merkel in Berlin. Britain is in an awkward diplomatic spot in its dealings with its fellow European Union members. London's advice on how to tackle the crisis is not always welcome as Britain is not a member of the euro zone, but the fate of the British economy is closely linked to what goes on in the single currency bloc. "What's clear is ... Spain need to restructure their banking system, they need resources to do that. How exactly that is done ... must be a matter for the Spanish government and the euro zone," said Osborne. "When they created the rather clumsily titled EFSF, this euro zone bailout fund, one of the things it was able to do and its successor, the equally clumsily called ESM, what these funds are able to do is support euro zone banking systems. "So we need to make sure that the mechanisms already put in place can be activated." "The banks have been one of the weak links in all of this and the euro zone have tolerated weak, undercapitalized banks for too long." (Reporting by Estelle Shirbon and Fiona Shaikh Editing by Maria Golovnina) World Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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