Jump to content

Cameron's Veto


Recommended Posts

The UK vs EU is a big distraction. The interesting thing is that they have still not actually addressed the €zone crisis. The markets are going to wake up to that. Probably this week would be my guess. But perhaps not until after Xmas.

And this is the main point. Merkozy are seriously pissed off with Cameron as had uk agreed to this new treaty and the changes to the exising treaty, the eu would have extracted massive funding out of uk. Not just transaction taxes, etc. but real financial support aimed at re-capitalising Greece, etc. without Germany having to put it's hand in it's pocket. Sarkozy wanted the money to prop up his banks. Cameron made the right decision. The Eurozone is pretty much finished and this was a big nail in it's coffin.

 

Looking at trade with Europe, very shortly they are not going to have any money to buy anything with, so it is best to start looking at new markets anyway!

 

The other thing is that the changes required to the original treaty are massive. Cameron asked for small changes. Handing over powers like this would require a uk referendum

Link to post
Share on other sites
  • Replies 52
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

The more disturbing of recent events is the way in which democratic government has been removed from Italy and Greece and will, under the Merkozy plan, be largely removed from the rest of Europe as Ge

A self-delusional analogy by Terry Smith IMO. But what else from the Torygraph?   The problem is, the UK is now so heavily reliant on the trade that it does with the EU, that a more appropriate anal

Germany only got all that money because all those other countries borrowed money to live the high life and gave a lot of it to Germany to buy German products.   If Germany doesn't bail them out, the

And this is the main point. Merkozy are seriously pissed off with Cameron as had uk agreed to this new treaty and the changes to the exising treaty, the eu would have extracted massive funding out of uk. Not just transaction taxes, etc. but real financial support aimed at re-capitalising Greece, etc. without Germany having to put it's hand in it's pocket. Sarkozy wanted the money to prop up his banks. Cameron made the right decision. The Eurozone is pretty much finished and this was a big nail in it's coffin.

 

 

Don't agree. It looks more like Camerons been played by the French and he's given them exactly what they want. By walking out at this stage, the French now will be able to push their reforms through far easier without the bothersome UK requirements.

 

Cameron made the wrong decision, the Eurozone isn't finished, and as the biggest financial centre in Europe not being at the table for the financial reforms is a problem.

Link to post
Share on other sites

About finance etc. I know zilch, what is the likely outcome of all this, is the exchange rate for the £ against the E likely to improve significantly?

 

Improve from what perspective ? In terms of export trade do you mean ?

 

In general the £ is surely likely to continue to roughly track the € for the moment relative to the $. Since the UK economy is significantly linked to the € economy.

 

Which possibly (hopefully) means that the £ would weaken against the $.

Link to post
Share on other sites

the biggest financial centre in Europe not being at the table for the financial reforms is a problem.

 

Ireland and others are already working to make sure that Britain continues to have a role. If it even gets that far. Events may overtake this agreement before it is ever actually agreed - given that they have put it all off until the spring. If Ireland goes to a referendum then the thing may never happen anyhow - and by then other countries may have started to peel off from the € under pressure from the markets. The whole thing may seem irrelevant very soon.

 

The press in Germany is by no means universally hostile to the British position. Ditto Ireland. And I'll bet that many across europe including France will start to say that Cameron was right. Even before this deal many in France were saying that France should not be forced to do what Germany says (how many of them see it - simplistically of course ... but simple opinion there can be just as unreconstructed).

Link to post
Share on other sites

That's a valid point on the French/German feelings

Many in France do have historically, an innate suspicion of German motives especially where it seems Germany will take a leading role.

It may work to the UKs advantage.

Edited by wheels
Link to post
Share on other sites

The whole thing may seem irrelevant very soon.

 

That's pretty much my feeling

 

At the snail's pace they move at I can't see all of the other countries agreeing to have oversight of their budget handed over to Brussels before they are overtaken by other events.

 

Greece needs more money soon.

 

Italy has a bond sale coming up soon - can't see it being a success, especially after Germany couldn't sell all it wanted to.

 

Wouldn't be surprised if France lost its AAA rating before Christmas

Link to post
Share on other sites

"automatic consequences" for countries whose public deficit exceeds 3% of GDP"

 

Wasn't this already in the nearly 20 year old Maastricht Treaty and routinely ignored by everyone?

Yes, it certainly was. Any new deal will probably go the same way.

Link to post
Share on other sites

"automatic consequences" for countries whose public deficit exceeds 3% of GDP"

 

Wasn't this already in the nearly 20 year old Maastricht Treaty and routinely ignored by everyone?

yep that even germany ignored.

 

But they have a get out clause in the new one, that says that a majority vote in the EU will let any EU member go above this 3% of GDP.

so you find that germany and france will be allowed to go over this amount, as they will get the votes needed to not stick to it.

Its all a white wash.

And the EU is still in a huge mess, these talks did not sort out any of the mess and how to solve it or fund the latest bailouts. so the EU is still on a knife edge

Link to post
Share on other sites

And the EU is still in a huge mess, these talks did not sort out any of the mess and how to solve it or fund the latest bailouts. so the EU is still on a knife edge

 

It's the usual "last chance to save the euro" nonsense. How many time have we heard that this year?

Link to post
Share on other sites

As early as 25 years ago Helmut Kohl stated that a single european currency would not be viable in the long term without the fiscal and taxation systems being unified!

Well, despite this seemingly sensible warning, low and behold Europe rushed ahead and created the Euro!

To my mind, I wonder if Germany was biding it's time, watching the Mediterranean countries and smaller weaker states join in, waiting for the inevitable crash as countries took out more than they could afford to pay in? Meanwhile they continued to build their own economy to the point that come the day of reckoning, they can step in and demand powers over Europe in return for bailing out the squandering nations?

Unfortunately for the Germans I think that their commitment to the Euro is going to cost their economy dearly.

I strongly believe that Cameron has done the right thing in the long term, we buy more from Europe than they buy from us.

 

Whoever thought that the war in Europe was over in 1945?

 

As far as the IoM is concerned, the UK is about to find out what being a "tax haven" is all about. Perhaps they will become a little more understanding of the offshore finance sectors. they have just joined the club!

Edited by Max Power
Link to post
Share on other sites
!

To my mind, I wonder if Germany was biding it's time, watching the Mediterranean countries and smaller weaker states join in, waiting for the inevitable crash as countries took out more than they could afford to pay in? Meanwhile they continued to build their own economy to the point that come the day of reckoning, they can step in and demand powers over Europe in return for bailing out the squandering nations?

is this humour ?

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.


×
×
  • Create New...