European leaders joined forces in what was described as the most serious EU summit
Brussels – Samir Yahiaoui
European leaders joined forces in what was described as the most serious EU summit so far and which brought together France, Gernamny, Eurozone leaders against British PM David Cameron
as he opposed the EU treaty on the Euro.
French President Nicolas Sarkozy said “The EU Summit, which lasts two days in Brussels, is the last chance for EU to save the euro.” As for German Chancellor Angela Merkel seen as the central character leading the disciplinary plan to rescue the Euro, she confidently expressed her “Complete satisfaction about the deal that was reached.” At the same time, British PM insisted on getting his country’s “fair share”, warning that he “will not hesitate to turn down French-German proposals” if he does not get a price for his approval.
As a result of his radical position, French president Sarkozy deliverd a stinging rebuff that contradicts diplomatic manners by refusing to shake the British premier’s hands.
-Claude Juncker prime minister of Luxemburg and current president of the European Commission appeared to be speaking on behalf of France and Germany when he demanded “David Cameron either retract his warning, or face the possibility of marginalizing the UK, through the formulation of a new treaty within the 17 Euro zone countries.”
Meanwhile, the president of the European Central Bank Mario Draghi decided on “cutting back interest rates by 0.25% to 1%,” in addition to attempting to overcome “the credit crisis by reducing the credit conditions, necessary Europe’s lending banks.”
Although observers consider the ECB to be the a significant European foundation to implement necessary steps to contain the debt crisis situation, Draghi denies “the rumors of the hopes in the financial community that the ECB will play the role of the last resort lender by buying obstructed bonds,” confirming this by saying “Statements said last week have been misunderstood.”
The summit is expected to last until Friday and focus will then turn on the Lisbon treaty, in order to reach a new agreement which guarantees more stability for the Euro, through semi-automatic sanctions imposed on whoever commits financial errors. The talks will also look at imposing monitoring systems on the budgets of each country, carried out by EU, in addition to executing structural changes to fortify Euro countries.
In this context, PM or Netherlands Mark Root said “We want sanctions that are automated as much as possible.”
The focus will now be to examine the treaties between 17members only, as French President Nicolas Sarkozy as a march deadlie had been set with France and Germany agreeing on measures to save the single currency.
Mr Sarkozy laid the blame for the failure of the talks so far squarely at Mr Cameron\'s feet.
Speaking shortly before dawn, after what he called a \'difficult\' night, he said: \'David Cameron made a proposal that seemed to us unacceptable, a protocol to the treaty that would have exonerated the United Kingdom from a great number of financial service regulations.\'
Mr Cameron for his part defended his stance.\'What was on offer is not in Britain\'s interest so I didn\'t agree to it,\' he told reporters in Brussels.
\'We\'re not in the euro and I\'m glad we\'re not in the euro.\'
\'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.\'