British PM Cameron stood completely alone last Friday by refusing to agree to a historic European fiscal pact to save the Euro, the repercussions of which are just starting to be assessed on both sides of the English Channel.
The Labour party leader Miliband accused Cameron of causing a diplomatic disaster after
he wielded the British veto at the EU summit – http://www.guardian.co.uk/politics/2011/dec/12/eu-veto-diplomatic-disaster-miliband
Some observers in the UK are suggesting that the British PM ‘fell into a French trap’ because with Britain out of the way, it made it easier to get Germany and other members to take the easier inter-governmental path to reform.
However others are accusing Cameron of using clumsily aggressive tactics which convinced no-one and could even make Britain’s future in the European Union difficult if not untenable. http://www.guardian.co.uk/business/2011/dec/12/eu-warns-britain-financial-rules
Cameron’s apparent gambit failed to secure exemptions for the ‘Casino Banker’ parasites from ‘the City’, and actually ended up strengthening German proposals for a new Euro-zone fiscal union in a renegotiated Lisbon treaty.
The deficit and debt of the UK – which is considered excessive even by neutrals -will be the object of continued observation and surveillance like other EU states.
The Bank of England ‘ injected’ £75bn into the economy in March 2009 through a process known as “quantitative easing” and expanded the programme to £200bn later that year and now has again raised it by another £275bn – meaning they are basically just printing money blindly.
The EU has opted not to follow this route – we will see who is right in the long term.
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UK’s role in EU could become ‘untenable’ after Camerons wanton veto – by OTA-Berlin Constituency Blog contributor Mr W van Coeveren from OTA Berlin is licensed under a Creative Commons Attribution-ShareAlike 3.0 Germany License. If you use this article or parts of it, please refer to http://www.ota-berlin.de.
Tags: BAnk of England printing money blindly., BAnk of England quantitative easing, Britain’s future in the European Union difficult, British PM ‘fell into a French trap’, Labour party leader Miliband, UK's role in EU could become 'untenable'