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Dover Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 11:07 AM
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23. Europe moves ahead with fiscal union, UK isolated
BRUSSELS (Reuters) - Europe secured an historic agreement to draft a new treaty for deeper economic integration in the euro zone on Friday, but Britain, the region's third largest economy, refused to join the other 26 countries in a fiscal union and was isolated.

The outcome of a two-day European Union summit left financial markets uncertain whether and when more decisive action would be taken to stem a debt crisis that began in Greece in 2009, spread to Portugal, Ireland, Italy and Spain and now threatens France and even economic powerhouse Germany.

A new treaty could take three months to negotiate and may require risky referendums in countries such as Ireland.

Two ECB sources told Reuters the European Central Bank would keep purchases of euro zone government bonds capped for now and take no extra firefighting action. Debt markets were wary. Interbank lending rates eased but Italian 10-year bond yields rose to around 6.5 percent.


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  -David Cameron vetoes EU-wide treaty change dipsydoodle  Dec-09-11 03:40 AM   #0 
  - Britain was left isolated this morning...  Ghost Dog   Dec-09-11 04:05 AM   #1 
  - Deleted message  Name removed   Dec-09-11 05:14 PM   #26 
  - UK refuses to re-regulate its financial sector. Great. k&r n/t  Laelth   Dec-09-11 04:18 AM   #2 
  - Did the lack of regularisation cause the sovereign debt crisis ?  Stella_Artois   Dec-10-11 12:00 PM   #29 
     - It wasn't London  dipsydoodle   Dec-10-11 12:34 PM   #32 
  - I was just in America recently  FunkyLeprechaun   Dec-09-11 04:52 AM   #3 
  - I think Sarkozy is right that deregulation of the financial sector was responsible  muriel_volestrangler   Dec-09-11 05:26 AM   #4 
  - Well to be perfectly fair...  Spider Jerusalem   Dec-09-11 05:38 AM   #5 
  - It wasn't just our deregulation  dipsydoodle   Dec-09-11 05:42 AM   #6 
  - The Euro currency is a potential sinking ship  FunkyLeprechaun   Dec-09-11 06:12 AM   #8 
     - Croatia joins the European Union 2013  dipsydoodle   Dec-09-11 06:15 AM   #10 
  - I not sure it did.  Stella_Artois   Dec-10-11 12:02 PM   #30 
     - The Greek problem could have been contained, if it was just them  muriel_volestrangler   Dec-10-11 12:21 PM   #31 
  - Why did we never join the Euro?  T_i_B   Dec-09-11 06:26 AM   #12 
  - Fog in Channel - Continent Cut Off  Bosonic   Dec-09-11 06:12 AM   #7 
  - Interesting.  Berlin Expat   Dec-09-11 06:19 AM   #11 
  - 9 EU countries ready to draft new treaty on fiscal union  Bosonic   Dec-09-11 06:32 AM   #13 
  - Sweden and Czech Republic have not decided  dipsydoodle   Dec-09-11 06:38 AM   #14 
  - Right decision, but for the wrong reason...  JCMach1   Dec-09-11 06:14 AM   #9 
  - Allow for the fact  dipsydoodle   Dec-09-11 06:42 AM   #16 
  - My view precisely  fedsron2us   Dec-10-11 11:16 AM   #27 
  - One other thing to remember here....  T_i_B   Dec-09-11 06:40 AM   #15 
  - It is a necessary to eject the UK in order to cure Europe of the Thatcher/Reagan disease  FarCenter   Dec-09-11 10:14 AM   #17 
  - Uh, I'm thinking you have that backwards?  jaybeat   Dec-09-11 10:21 AM   #18 
  - The UK opposed the re-regulation of financial services by the EU  FarCenter   Dec-09-11 10:41 AM   #19 
  - RIght, I get that part...  jaybeat   Dec-09-11 10:56 AM   #21 
  - I don't think technocrats in Brussels will be telling member states what to cut  FarCenter   Dec-09-11 11:02 AM   #22 
  - The City, Britain's Wall Street, was where Cameron's family  ShockediSay   Dec-10-11 09:36 PM   #33 
  - It would appear that the 'EU Technocrats' are aware of the disease  Ghost Dog   Dec-09-11 10:52 AM   #20 
     - I'm just afraid of their diagnosis  jaybeat   Dec-09-11 11:13 AM   #24 
  - Scotland used to be the most anti-European part of the UK  fedsron2us   Dec-10-11 11:41 AM   #28 
  - Europe moves ahead with fiscal union, UK isolated  Dover   Dec-09-11 11:07 AM   #23 
     - UK shot in foot.  Ghost Dog   Dec-09-11 05:04 PM   #25 

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