EU summit: Weak Cameron puts party before financial stability

09 December 2011

Many of you will no doubt have seen the result of last night’s EU summit with David Cameron’s veto leaving Britain isolated in what is threatening to become a two-tiered Europe.

The summit's major ambition was to stabilize the eurozone and the economies of all EU countries. It was intended to show unity and leadership, a collective front determined to solve a financial crisis that is affecting all of Europe and of course the wider world.

Yet Cameron would not sign. Why? The truth is that Cameron has sacrificed Britain’s position in Europe to appease his Eurosceptic backbenchers. Those backbenchers are jubilant today but their obsessive fear of Europe and Cameron’s weakness in caving into them is grim news for Britain and the rest of the EU.

Just weeks ago Cameron stated that he did not want Britain to be like Norway, bound by EU rules, paying into the EU budget but with no vote or ability to influence decisions. By using his veto, Cameron has essentially pushed Britain in that direction.

The stability of the Eurozone is vital for British industry and British jobs. This financial crisis requires serious, collective action but by refusing to be constructive Cameron has threatened to undermine further the whole of Europe’s economy. The markets wanted a united European front from this summit but Cameron, incredibly, has put his party’s narrow obsession above Britain and Europe’s long-term interests.

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