Economist on the EU Summit–Europe's great divorce

We Jjouranlists are probably too bleary-eyed after a sleepless night to understand the full significance of what has just happened in Brussels. What is clear is that after a long, hard and rancorous negotiation, at about 5am this… [past Friday] the European Union split in a fundamental way.

In an effort to stabilise the euro zone, France, Germany and 21 other countries have decided to draft their own treaty to impose more central control over national budgets. Britain and three others have decided to stay out. In the coming weeks, Britain may find itself even more isolated. Sweden, the Czech Republic and Hungary want time to consult their parliaments and political parties before deciding on whether to join the new union-within-the-union.

So two decades to the day after the Maastricht Treaty was concluded, launching the process towards the single European currency, the EU’s tectonic plates have slipped momentously along same the fault line that has always divided it””the English Channel.

Read it all.

Posted in * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Belgium, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, England / UK, Euro, Europe, European Central Bank, Foreign Relations, France, Germany, Politics in General, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

One comment on “Economist on the EU Summit–Europe's great divorce

  1. John A. says:

    The obvious solution is for GB to lock exchange rates with the US.