splendid isolation

EU Summit Summary

• Cameron's requests (exemption for the UK from certain financial regulations) are turned down, and he stands firm on the issue of treaty rewriting
• A new inter-governmental deal is agreed (and will be finalised by March). Its aim is to help restore confidence in the euro by the introduction of new rules, and penalties
• The summit ends with the UK being the sole country to refuse to take part in this, or indeed contribute financially until other G20 members do so. Out of the 27 EU countries, 3 of the other non-eurozone members are yet to confirm their agreement, but are, in principal, behind it.
• The City and the Conservatives are happy with Cameron's decision

No matter how many new deals, proclamations, and rules, surely it's only a question of time - the euro must collapse. This over-expanded monetary union incorporates countries of such varying economic stability and different systems of taxation, that when disaster strikes, its constituents are unable to attempt to recover. They cannot:

• Set their own interest rates
• Devalue their currencies to help cheapen exports
• Lower inflation
• Print money through quantative easing

Whilst too disparate politically, economically, and systemically for a unified solution, the countries have no independence over their fiscal arrangements to fix their problems individually. In these dark days, a strong, independent Britain is essential for the future security of Europe. Well done, Cameron.

PS Might a German exit help by enabling the possibility of devaluing...?