Jo appeared on Impact Asia on BBC World News to discuss the ongoing crisis in the eurozone and the Prime Minister's decision to veto changes to the EU treaty. 

Jo argued that the fiscal pact was not sufficient.  He said: "The most important indicator of the vulnerability of eurozone countries going into this crisis was not their public deficit or their public debts – it was their current account deficits – their trade deficits. Those remain. The fiscal pact that was negotiated over the weekend did not address the fundamental issue of these ongoing trade imbalances, which leave peripheral eurozone countries so vulnerable to sudden changes of heart in international capital flows."

Jo said that he didn't see it as a problem that the UK was not signed up to the fiscal pact, pointing out that "it is possible for different countries to do different things at different times within the overall framework of the single market", as happened when Britain opted out of the eurozone and the Schengen border-free travel zone.  Jo added: "I think the critical point is, and what I'm sure David Cameron will be wanting to emphasise, is that Britain remains a powerful voice in the EU for an open, single market. We are in the single market, we are not leaving the EU, and we remain open for business for all companies around the world to continue to invest in the UK as they have been over the years."

Jo argued that there is work to do to ensure "our European partners really see that having a deep and liquid capital centre planted in the EU is a great European success story that we would be very foolish to jeopardise through hasty regulation", much as "German luxury-car making or the French wine and aerospace industries" are cherished and promoted in the EU.

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