Labour and the Euro summit

julieq

The regulation of the financial sector is continuing via Basel II, and has nothing to do with the deal on eurozone debt. Nothing has changed there. All Cameron has done is to pull out of a deal which essentially has nothing to do with us and which was caused by uncontrolled spending in peripheral eurozone countries. Let the dust settle, and judge then. We're still trading with Europe today, and there's no reason to believe that will change, outside hysterical media speculation. Why on earth would the EU chuck out a net contributor to its budget?

Meanwhile the French are arguing amongst themselves about the deal, and the markets have reacted negatively after a weekend of reflection. As I pointed out yesterday, this is not the start of a new Golden age in the Eurozone, it's ground zero of the next attempt to buy some time. The eurozone will have enough to deal with figuring out how to progessively inflict austerity on itself to be wanting to fiddle with the single market.

Thrugelmir

Rochdale_Pioneers wrote: »

And now finally he's binned our relationship with the EU to protect its deregulated nature vs EU proposals to regulate finances so as to avoid the next crash.

The regulations for UK based financial institutions are going to be far tougher than those in Europe. The EU has yet to solve its looming banking crisis.

Graham_Devon

Rochdale_Pioneers wrote: »

Its popular with the public because they know very little.

So when all else fails....a labour supporters next step is to call everyone else stupid?

Itismehonest

We're currently taking the ECB to court to allow the UK to deal in Euros. Does it not seem strange that as members of the EU we are allowed to deal in dollars, yen etc. but not in the currency for the area in which we are supposed to be a member?
It isn't just the City that would be hit by the proposed financial taxation. It would ultimately hit all of us via our insurances etc.

Sir_Humphrey

Rochdale_Pioneers wrote: »

And now finally he's binned our relationship with the EU to protect its deregulated nature vs EU proposals to regulate finances so as to avoid the next crash. Glad his position on regulation is nice and clear. No wonder that having spent no efforts trying to line up EU allies with his proposals they told him to stick it.

Actually, it's even more mixed up than that. He "vetoed" it to protect the City from European regulation, so that the coalition could regulate them even more.

:rotfl:

What a mess! The FT leader describes his negotiations as "incompetent". Difficult to disagree with that assessment.

StevieJ

julieq wrote: »

The regulation of the financial sector is continuing via Basel II, and has nothing to do with the deal on eurozone debt. Nothing has changed there. All Cameron has done is to pull out of a deal which essentially has nothing to do with us and which was caused by uncontrolled spending in peripheral eurozone countries. Let the dust settle, and judge then.

I couldn't agree more, did you get that Dev?

pqrdef

Olli Rehn says the financial services regulations are going ahead and Britain will not get any concessions.

But people are still buying the line that Cameron has protected British interests, though Cameron himself seems to be the only person on earth who can see how.

Question is, has Cameron got the nous to realise that if the Mail credits him with a triumph, he must have really screwed up?

dunstonh

pqrdef wrote: »

Olli Rehn says the financial services regulations are going ahead and Britain will not get any concessions.

But people are still buying the line that Cameron has protected British interests, though Cameron himself seems to be the only person on earth who can see how.

Question is, has Cameron got the nous to realise that if the Mail credits him with a triumph, he must have really screwed up?

It was an unwinnable scenario unless you are French.

peteron

It was an unwinnable scenario unless you are French.

I thought that we had two tier Europe already. After all France refused to allow the import of British Beef even though the European bureaucrats declared that it was safe to consume.
I can’t remember who was in government then?