December 9, 2011
With the United Kingdom opposed to Chancellor Merkel's plan for amending EU treaties to increase fiscal integration, Germany and France are seeking a separate agreement among the 17 euro-zone members. Many say that might be illegal, though.
It was just a few hours before the beginning of the European Union summit in Brussels when German Chancellor Angela Merkel and French President Nicolas Sarkozy finally got the support they needed. If necessary, said Jean-Claude Juncker, head of the Euro Group and prime minister of Luxembourg, the 17 euro-zone countries could agree to changes to EU treaties on their own, without the participation of the other 10 EU members.
Early Friday morning, the significance of Juncker's move quickly became apparent. British Prime Minister David Cameron indicated that he wasn't prepared to join EU efforts to significantly alter the Lisbon Treaty in order to increase fiscal unity and strengthen debt and deficit rules by making penalties automatic.
"What was on offer is not in Britain's interest so I didn't agree to it," Cameron said. "We're never going to join the euro and we're never going to give up this kind of sovereignty that these countries are having to give up."
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