By James G. Neuger and Simon Kennedy – In a clash that may reshape Europe’s balance of power, the euro users took the novel approach of enshrining the debt rules in a new treaty that leaves out the U.K. instead of amending EU agreements that date back to the 1950s. Nine of the 10 non-euro members — Denmark, Poland, Bulgaria, Hungary, Sweden, the Czech Republic, Latvia, Lithuania and Romania — indicated they may follow suit after consulting with their parliaments.
The trigger was the refusal by U.K. Prime Minister David Cameron to back a 27-nation pact without ironclad guarantees of a British veto right over future financial regulations. Cameron called them a threat to London’s standing as Europe’s leading financial center. more> http://twurl.nl/0rv0vj
- Analysis: Isolation fears push outsiders to embrace euro zone, Robin Emmott, Reuters
- Euro Crisis Shows Dutch Converge With Germany at French Expense, Jurjen van de Pol, Businessweek
- U.K. could be lone EU nation outside fiscal union (marketwatch.com)
- Cameron’s Go-It-Alone on Euro Can’t Cut Britain Adrift From EU (businessweek.com)
- Cameron Veto Sees U.K. Alone as Europe Pushes for Fiscal Unity (businessweek.com)