Naturally, I have to comment on the latest developments in Europe.
First, this is a major step forward towards a more united Europe. This is important for long-term reasons, like pursuing interests in a globalized world. Lately, Iran has already felt this united Europe when after the attack on the British embassy many European countries, including Germany, recalled their ambassadors.
But, dear Mr. Cameron, WHAT THE HELL?
Let's see what happened. 27 nations including Britain meet to discuss how to battle moral hazard and keep public debt in check in the future. Yes, that's not enough to solve the entire crisis and something still has to be done about private debt. But that's not Mr. Cameron's problem. Instead, he wants to use this situation to press through some special treatment for the “City of London”.
The City of London is a phrase for the financial industry over there that is extremely influential and also creates 11% of all taxes of all of Britain. But Britain isn't the only nation that has some special interests. Germany certainly would love some special rules for the German car industry, for example. But once one member is allowed to have some special rules other countries want this, too! Those special rules were unaccaptable for this reason alone!
But that's not all! Light regulation of the financial industry was a main problem that indirectly lead to the current crisis in the first place and also almost caused a collapse of the global financial markets. Special rules, that is less regulation for the “City of London”, is not smart. It is not what anybody should want.
And, still, that's not all!! At the end of the day Mr. Cameron failed at getting anything. Nothing, Nada, Niente! No special regulation at all. And here's the funny thing: Financial regulation in the EU is done by majority voting. Was it really wise to enrage all 26 other nations of the EU just to get nothing at the end of the day?
The only thing Mr. Cameron achieved was to isolate his country more than ever before. Now, I know, many British citizen like that. But here's the problem. Even - especially - if Britain got out of the European Union, the 26 nations (the largest economic bloc on the planet) will decide to regulate their financial industry more strictly. And they will make damn sure that the City of London won't profit. And Britain won't be able to prevent any of that because they just isolated themselves; they are not even sitting at the damn negotiating table!
But it's even worse. If, in the future, China decides that it doesn't like some action of the British government they can now easily decide on a few embargoes, because Britain is just a small island in the Atlantic at this point. Nothing that Britain can do can really harm the Chinese - or India - or the United States for that matter. Do the British want to be the 51th state of the US with no voting rights? Or do they intent to hope that the European Union is nice to them? If Mr. Cameron desires to imitate his iron lady: Mrs. Thatcher never ever actually exercised a veto in the EU. She threatened to use it a lot, yes. But she never excercised it. Because to actually do so is self-defeating.
The most distressing thought, however, is that Mr. Cameron apparently was quite willing to transfer more sovereign rights to Brussels. But only if the financial industry in the City of London gets a few promises. And this was so important to him that he was willing to sabotage the European project if necessary. Who do you represent Mr. Cameron? The British people or their bankers?
Unless there a very well hidden game being played here, the whole situation looks like a complete breakdown of the traditionally excellent British diplomacy.
Last but not least I have a question for the British press. Apparently Mrs. Merkel is the reincarnation of Hitler. Germany, you say, should show more solidarity with Europe. Now, Germany, so far, has accepted a potential cost of 210 Billion €. For our american friends, if you scaled this according to the US's GDP and expressed it in dollars, that is the equivalent of about $1.2 trillion that Germany has declared itself willing to pay to other European countries if need be. I wonder how many Euros/Pounds the European solidarity has been worth to the British so far ...