http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100013758/europes-blithering-idiots-and-their-flim-flam-treaty/
Europe’s blithering idiots and their flim-flam treaty
What remarkable petulance and stupidity.
The leaders of France and Germany have more or less bulldozed Britain out of the European Union for the sake of a treaty that offers absolutely no solution to the crisis at hand, or indeed any future crisis. It is EU institutional chair shuffling at its worst, with venom for good measure.
It is risky to reach instant conclusions on a fast-moving story but it looks as if the EU may soon be reduced to a shell, with a new union forming among the core.
Much has been said about whether David Cameron handled this well or badly. I leave that debate to my colleagues. What strikes me as a former EU correspondent is how threatening this is to the EU Project itself.
A country – and a large one – may start to disengage for the first time. The aura of historical inevitability that has swept Europe towards ever closer union for half a century has been punctured. Yes, Croatia will soon join, as Sarkozy chirped triumphantly, but that is not quite the same thing (no offence meant to the South Slavs).
Utter confusion will ensue over the legal structures of the EU. For whom will the European Commission work? For whom the European Court? It will be chaos for a while. This is the nightmare that fonctionnaires have always feared.
And what for? All this upheaval for a mess of pottage, a flim-flam treaty? The deal is not a “lousy compromise”, said Angela Merkel. Well, actually that is exactly what it is for eurozone politicians searching for a breakthrough.
It tarts up the old Stability Pact without changing the substance (although there will be prior vetting of budgets). This “fiscal compact” is not going to make to make the slightest impression on global markets, and they are the judges who matter in this trial by fire.