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The UK Prime Minister, David Cameron, exercised the UK’s veto and created a furore.
What, exactly, did he veto? The answer appears to be “not a lot”...
Whilst his action might have upset some European partners and given France the excuse
to wag their finger at the UK, the veto amounted to nought as no action other than
further meetings had been agreed by the other 26 EU nations and no treaty had been
drafted.
The UK insistence that UK financial services be protected does, on the face of it,
infringe the single market but again amounted to nought, as no taxes could be imposed
on the City without the agreement of the UK.
So, was his use of the veto political posturing to please the home crowd of “Euro-sceptic”
MPs or a misjudged action that unnecessarily isolated the UK from its European neighbours?
The answer is probably a little of each and the damage done is probably nothing
that can’t be salvaged by some intense diplomatic activity. Yes, he will be allowed
to “observe” the treaty in the making and he may yet have the last laugh as the enormity
of the Franco-German proposals dawn on the other 26 member states.
Regardless of the outcome of the treaty, or “inter-governmental” agreement, talks
the immediate problems of Eurozone debt and the surrounding market turmoil need to
be addressed. Austerity measures may help reduce national debt, but without economic
growth the national tax take will fall, making debt reduction more difficult.
The answer? Well, how about forgetting the pointless squabbles over a non-existent
treaty, the talk of isolationism and protectionism, and seek a global solution to
what is an increasingly global problem? - how to stimulate growth and reduce sovereign
debt. At the same time, seek some answers to the growing European problem of mass
unemployment among our young people - we have to offer them a future, otherwise petty
squabbles over a mythical “veto” will be the least of Europe’s worries.
