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Britain could never have voted for a treaty that condemns much of Europe to depression
12 December 2011 @ 14:41

In all the hullabaloo over Britain's use of the veto, and whether the UK has once more cut itself adrift from the rest of Europe, it seems to have been forgotten what was actually being voted on here – an almost wholly inappropriate set of treaty changes which in themselves will do absolutely nothing to prop up the euro or save Europe from a crippling recession.

To the contrary, the pro-cyclical fiscal austerity which is now being hardwired into European law through the balanced budget requirement seems to condemn much of the European periphery to prolonged depression. Not in a month of Sundays would Ed Balls, the shadow chancellor, advocate such an absurdly inappropriate policy for the UK, yet he seems to think it perfectly acceptable for the UK to sanction it in Europe. His condemnation of Cameron's use of the veto therefore amounts to almost comical opportunism.

Read the full article at the Telegraph

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