UK PM David Cameron to give long-awaited speech on Britain's ties with the European Union

British Prime Minister David Cameron will deliver a long-awaited speech about his country's future in the 27-nation European Union this week.

The speech, billed as one of Cameron's most important yet, was delayed last week because of the hostage crisis at a natural gas plant in Algeria.

Cameron first hinted he wanted to set out his stance on British membership of the EU last year. He has indicated that he will suggest negotiating a new relationship with the bloc, which would then be put to a referendum.

Britain has its own currency and does not use the euro, the common currency of 17 other EU nations, but it still has been struggling due to Europe's debt crisis.

Foreign Secretary William Hague said Sunday that Cameron's address is expected this week.