Fog Over Channel: London's Veto of the Treaty to Save the Euro

In: Harvard international review, Band 34, Heft 1

Abstract

In Oct 22, 1957, a London Times headline declared: 'Heavy Fog in Channel -- Continent Cut Off.' Britain's tabloid press displayed similar insularity in early December, 2011 after Prime Minister David Cameron vetoed an effort by the other members of the European Union to amend the Lisbon Treaty. While Cameron's room for political maneuvering was limited, the veto was unnecessary and potentially counter-productive to the UK's national interests. It was unnecessary because the proposed EU treaty amendments did not, unlike previous ones, involve any loss of sovereignty since the 'fiscal compact' would have only applied to the eurozone members. The veto was also a misnomer because it did not stop the members of the 'Eurozone Plus' caucus from moving ahead on their own. The impact of the veto on the EU as a whole, including its institutions and its members that share the UK's economic and political philosophy, will be significant, especially if events unfold in a way that leads to the UK's eventual withdrawal. Adapted from the source document.