Euro Leaders’ Fiscal Union Pact Leaves Next Step to ECB

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>


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