The bad tempered EU meeting last week did little to save the Euro. We still do not know how much money they will have to rescue troubled countries, or to intevene in wobbly bond markets.
Meanwhile, the non Euro members have seen the text watered down about their possible involvement in the new budgetary controls envisaged in a new Treaty. There was clearly less agreement amongst the 26 than the spinners said. The socialist candidate for French President wants the whole thing re negotiated. There is going to be plenty of time to do so. There will be months of argument ahead on how much new power the EU should have over budgets that used to be set by democratically elected governments.
I cannot believe the Times story today will come true that the UK is seriously thinking of concessions to try to stitch this all back together. The public has been misled by suggestions this “agreement” can save the Euro, and into thinking all the other 26 now agree. It turns out there is a lot of arguing to do before they have a new legal agreement for the 17 plus, with the 9 not so keen. The UK is well out of it.
They are embarked on a long process to build a new hospital for the Euro, when what they need is a better lfie support system for the Euro’s ailments in the bond markets today.