Euro talks, what are the implications?

[Brookert]

Apologies if someone has already started a thread on this.

http://www.bbc.co.uk/news/uk-16104275

Most people must have seen this by now? To summarise, david cameron has opted not to sign the treaty on greater union of eu members. Meaning they would have to take their treaty outside the EU.

Me personally, I believe this is sensible, as the EU would still be in place, but the more risky integration of eurozone members would be taken outside the EU.

 

[Duke]

Personally I don't think we need to get more tied in, so is a good thing. I doubt we'll lose any trade over it either.

 

[Dave M]

Just another go by the Germans to hurt the city of London (to the benefit of Frankfurt), thankfully there isn't an English hating jock in power at the moment so we said no. I'm sure there were a lot of other countries who said no too, it's hardly to the benefit of non-eurozone countries.

 

[PsychoPigeon]

A dog and pony show, Cameron has been a family friend of the Rothschilds since childhood. There'll be a reason for this.

 

[SPG]

I couldn't disagree more.

The people who just happen to bank roll the conservatives and ARE the same people who got us into this mess must be laughing all the way to there SWISS bank accounts.

The city of London provides only 10% of GDP by a much lower number of people in general control.

Yet the UK is still the 8th biggest manufacturing economy in the world.

Europe work much less than the UK, the standard of living is still higher this includes, crotia, greece etc.

The sooner we give more powers to Brussels the better off we will all be.

Its the UK governing powers as usual. Short term ideology for the benefit of the few.

 

[Nate--IRL--]

Just another go by the Germans to hurt the city of London (to the benefit of Frankfurt), thankfully there isn't an English hating jock in power at the moment so we said no. I'm sure there were a lot of other countries who said no too, it's hardly to the benefit of non-eurozone countries.

Looks like only Hungary and the UK saying no at the moment.

Edit:- Just the UK saying no now - http://www.bbc.co.uk/news/world-europe-16093316

1306: Hungary has clarified its position on the deal reached last night, telling the BBC that it will consult its parliament over the proposed fiscal rule changes the eurozone expects to bring in. But it says it has not rejected the proposals as Britain has.

Nate

 

[j0s]

This is only the first part of the negotiation, I'm sure Britain will be involved later on, when it's needed

 

[scorza]

So the government have said that the Euro crisis is the biggest threat to the UK economy, yet veto attempts to sort it out to appease a few jingoistic back benchers in his own party.

I think Cameron's actions will leave the UK dangerously isolated in Europe which will have a massive cost implication on the UK economy in the coming years. Very worrying

 

[Glaucus]

Only time will tell for this one.

It'll either be great or a total catastrophe. I doubt most people will think about possible events and just say good. It's on,y good if it benefits or saves us. That is far from certain. If euro collapse we go down to regardless.

 

[George Hincapie]

A dog and pony show, Cameron has been a family friend of the Rothschilds since childhood. There'll be a reason for this.

[TW]Fox will be along in a moment to make sure you're wearing your foil hat.

 

[lunarwolf]

If euro collapse we go down to regardless.

exactly, all Cameron managed to do was weaken Britain's position at negotiating table for the sake of a few bankers. i love the argument that this was to save valuable jobs in banking industry which have caused the loss of many more jobs in other industries, not to mention threaten hard working people's pensions

 

[bam0]

This is only the first part of the negotiation, I'm sure Britain will be involved later on, when it's needed

Britain isn't part of the Euro, isn't part of this new proposed treaty and seems to have forgotten that fiscal rules can be set by a majority vote in Europe and against which votes it holds no veto (for example the floated proposal that transactions denominated in euros must be conducted within the eurozone).
There is little reason for the UK to be involved in anything much further on this treaty.
IMO, a better tact would have been to require concessions on things like the Common Agricultural Policy, there would have been broader support from other countries round the table and perhaps Sarkozy wouldn't have been so pig headed.

 

[bam0]

Only time will tell for this one.

It'll either be great or a total catastrophe. I doubt most people will think about possible events and just say good. It's on,y good if it benefits or saves us. That is far from certain. If euro collapse we go down to regardless.

It's a tight line he's trying to walk, as you say if Europe goes down, so does the UK. But a strong and fast recovery isn't in the UK's interests either. Uncertainty over the eurozone is what is keeping UK bond yields, and hence the cost of government borrowing, down. Continuing low yields is part of the assumptions of the deficit reduction plan put out by the OBR recently. Unfortunately that same plan also seems to rely on a recovering Europe. Having one's cake and eating it?

 

[Tunney]

I agree with Cameron. Why should our banks be punished for this financial mess? Who cares if British trade is hurt as long as the banks are protected from regulation and taxation?

 

[Glaucus]

I agree with Cameron. Why should our banks be punished for this financial mess? Who cares if British trade is hurt as long as the banks are protected from regulation and taxation?

Cutting of your nose to spite your face. It's no good saying such things if we get totally screwed over. It's a balancing act, a very complicated one.

 

[Brookert]

exactly, all Cameron managed to do was weaken Britain's position at negotiating table for the sake of a few bankers. i love the argument that this was to save valuable jobs in banking industry which have caused the loss of many more jobs in other industries, not to mention threaten hard working people's pensions

So we should have signed up and waved goodbye to one of the largest financial centres in the world?

Theres nothing to say the banks wouldn't just pass the charges onto us anyway.

 

[King Damager]

Its the UK governing powers as usual. Short term ideology for the benefit of the few.

But the Few pay the majority of the taxes.

kd

 

[lunarwolf]

Theres nothing to say the banks wouldn't just pass the charges onto us anyway.

fyi - proposed regulation is not to tax retail banks, but separate retail and investment banks. it's the latter that would be taxed on speculation in the markets. so your retail bank wouldn't charge you more, only if you were speculating in the markets. if 26 other countries can agree, i think Cameron should be less stubborn.

 

[franco_22]

So basically, Mr Cameron doesn't want our much beloved banks which got us in to this mess to be regulated and is pretty much saying F U to Europe it's okay to be corrupted and be bailed out by the people who were made to suffer. I don't agree with this at all, sounds nothing more then just a another pathetic attempt at Britain wanting to be the black sheep but this time, it's not justified because it's something we badly need, without proper fiscal regulation of the banks and financial services, the same thing is just going to happen again.

 

[Jay794]

Is it just me or are they just spending days and days talking about the same old crap?

I have BBC News on all day at work and they keep going on and on about the Eurozone Crisis, stop talking and do something!

BTW, I only just realised how f-ing repetative BBC News is, they rotate the same news every 15minutes for an entire day.

GRRRR *angry face*