UK Prime Minister David Cameron declines offer of revising EU treaties

The Euro stock market has been showing some incredible output of late. The US companies enlisted in the Eurozone stock exchanges started to show positive results this week followed by the Euro enterprises.

The main reason for the recuperation of investors’ trust might be the bold steps taken by the European Union in order to save the Euro.

Germany and France, two of the safe countries in Europe at the moment, have stepped forward in bringing remedy to European Sovereign Debt crisis. However, one country that is not taking any interest in curing the catastrophe is the United Kingdom.

In the latest meeting in France held by major European economies including France, Germany and the UK, David Cameron declined the EU’s offer of revising the trade treaties. Although the details of which treaties are set to be revised were not made public,
one thing was evident, resentment to Mr. Cameron’s attitude toward the resolutions.

The UK Prime Minister offered his country’s hand in the redevelopment of the Euro but in return, he wanted benefits from the Eurozone countries closely knit in business with the UK. In response to a limited return to UK’s help, Cameron declined to revise
the treaties.

“We wish them well,” Cameron said. “My judgment was that what was on offer just wasn’t good enough for Britain. It’s better to allow those countries to do their own thing on their own.”

Angel Merkel, Chancellor of Germany, was astonished at Cameron’s response. “I really don’t believe David Cameron was ever with us at the table.”

French President Nicolas Sarkozy, who made the effort in bringing everyone at a single platform, was of a neutral view.

“The French have long believed that part of the reason for the eurozone crisis can be laid at the door of a poorly regulated financial services sector. There were few voices prepared to defend the City of London.

In the end, David Cameron concluded that agreeing to a change to the EU treaties would be against British interests.

His priority was to protect Britain’s financial sector and the single market, which he regards as one of the principal benefits of belonging to the EU.”

However, despite Cameron’s bitter reaction and decline to the offers, some believe he took a rational stance in the benefit of the UK.

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Posted by Usman Khalid on Dec 10 2011. Filed under Europe. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry