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Reply #8: UK isolated as Europe moves ahead on fiscal union [View All]

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 06:22 AM
Response to Reply #5
8. UK isolated as Europe moves ahead on fiscal union
BRUSSELS (Reuters) - Europe divided on Friday in a historic rift over building a closer fiscal union to preserve the euro, with a large majority of countries led by Germany and France agreeing to forge ahead with a separate treaty, leaving Britain isolated...

... After 10 hours of talks, all 17 members of the euro zone and six countries that aspire to join resolved to negotiate a new agreement alongside the EU treaty with a tougher deficit and debt regime to insulate the euro zone against the debt crisis...

... "It's going to be the basis for a good fiscal compact and more discipline in economic policy in the euro area members," Draghi said. "We came to conclusions that will have to be fleshed out more in the coming days." ...

... Sarkozy and Merkel said the intention was to forge an intergovernmental treaty among the euro zone countries and any others that wanted to join. They indicated that could be up to 25 countries in all, with only Britain and perhaps Hungary left outside the tent for now.

/... http://news.yahoo.com/eu-leaders-agree-fiscal-pact-trea...

EU suffers worst split in history as David Cameron blocks treaty change

Britain was left isolated this morning with just three other countries, Sweden, Hungary and the Czech Republic, as an exultant Nicolas Sarkozy hailed a historic breakaway euro plus bloc that would pursue fiscal and economic union via a new treaty outside the EU.

The Prime Minister insisted that he had been prepared to support treaty change among all 27 of the EUs members to allow the 17-strong eurozone to take measures to tackle its debt crisis and to enforce tough new fiscal rules for the single currency. But after 11 hours of bad-tempered talks, Mr Cameron said that he had blocked the changes because France and Germany and refused to agree to a protocol giving the City of London protection from a wave of EU financial service regulations related to the eurozone crisis...

... President Sarkozy said that British demands had been unacceptable.

We would have preferred a deal at the level of the 27, he said. That wasn't possible taking into account the position of our British friends. In order to accept treaty revision among the 27 EU states, David Cameron asked us - something we all judged unacceptable - for a protocol to be inserted into the treaty granting the United Kingdom a certain number of exonerations on financial services regulations.

"We could not accept this, since we consider, quite on the contrary, that a part of the world's woes stem from the deregulation of the financial sector.

/... http://www.telegraph.co.uk/news/worldnews/europe/eu/894...


See also: http://www.democraticunderground.com/discuss/duboard.ph...
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