Davos, Switzerland (CNN) -- A top European Union official says there's no need for Britain to make threats to leave the union in order to reform its membership. "In my mind it is only to the mutual benefit of Britain and Europe that Britain stays as a member of the European Union," EU Economic and Monetary Affairs Commissioner Olli Rehn told CNN's Richard Quest. British Prime Minister David Cameron sparked the debate in a speech Wednesday in which he promised the British people a vote on European Union membership if he wins the next general election in 2015. "But as I was listening to the speech of Prime Minister Cameron yesterday concerning his policy agenda there are in fact many issues I can agree with and the commission is already working for those including how to increase the competency of European industry, how to complete the single market, how to pursue free trade agreements," Rehn said.
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EU Commissioner Olli Rehn says UK need not "threaten" to leave European Union
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Rehn: "It is only to the mutual benefit of Britain and Europe that Britain stays as a member"
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UK Prime Minister David Cameron has pledged to hold a referendum on membership
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Rehn said threat of the breakup of the euro "has all but disappeared"
"It's really important that we've set out a plan for how we get change in Europe that will benefit all of Europe, making it more open, more competitive, more flexible, and how we secure @placeholder's place within that," he said.