Did the UK fall or were they pushed out to create the new Euro core group. As a strong supporter of the EU it is not an enjoyable scene. Yet the Tobin Tax seemed a bridge too far. It doesn’t seem too clear why the French and Germans are so keen on this tax and why others thought it so desirable they voted for it knowing it was an arrow pointed at the UK. Is it as some say that David Cameron didn’t manage his position well enough and perhaps allowed a rift to arise.
Preventing a disorderly crash of the Euro is the objective of all and now the UK is playing a lesser part. Many Conservatives are elated by this. As a supporter of the EU this is annoying, but as the EU seemed to be deliberately out to damage the UK more than anyone else, it becomes easier to tolerate.
Then it could be said that much of this is a temporary state. Can Greece stay in the Euro, it seems unlikely and other countries might leave. What would the status of Greece be then. How can the Euro work anyway if the Germans are so superior. Constant re-alignment will be needed.
It might also be said that in many ways saving the Euro will be easier if France and Germany have no sceptical UK to consider. Having already influenced the appointment of the Prime Ministers of Greece and Italy they will now have less criticism for other action over the sovereignty of EU members.
If the UK are primarily interested in a trading agreement and this remains then in many ways nothing is lost. Financial transactions with the EU may be taxed and strongly regulated but transactions with the rest of the world won’t be. Many may to try to avoid EU regulation and the EU could try to prevent this, more interesting times could come.
One thing for sure is that President Sarkozy is no friend of the UK having been the main orchestrator of the rift and making some anti-British comments about the UK losing dynamism during the week. At the last dramatic event involving the UK in 1991 it was the Germans who pointedly undermined the UK so at the end of the day there should be no emotion in the relationship from our side. However we remain a member of the EU and must remain one.