In These New Times

A new paradigm for a post-imperial world

After 30 years, City of London loses Brussels

Posted by seumasach on December 10, 2011

Cameron’s decision to abscond from the European scene is an early christmas present to our european partners and the greatest contribution Britain has ever made to the development of an independent Europe. Of course, Europe has a long way to go. After all it is still in thrall to NATO, an organization which compromises European sovereignty and constitutes a permanent threat to peace. The need for a strategic partnership with Russia and China becoming increasingly urgent.

Neurope

9th December, 2011

Britain has become sub-marginal following the EU Summit of 9 December, which reshaped the geo-economic direction of the European continent with the acceleration of fiscal union, a process that will include reinforced regulation and supervision at a European level.

The attempts by UK Prime Minister David Cameron and the City of London to block financial supervision and the strengthening of the Eurozone have failed dramatically and have left the United Kingdom isolated and trailing behind developments. The new situation brings to a close the 30 years of undisputed British domination of Europe’s finances, which intensified in the past decade and blocked the European Union from advancing towards a European system for banking supervision, which if it had been introduced a decade ago would have largely prevented the present Eurozone crisis.

So far Great Britain, in order to facilitate the working of the City of London, namely a complex of ‘nothing’ trading companies profiting from the lack of any supervision by European financial markets, had appointed the key ranking Commission official in the internal market department with direct intervention of Downing Street to European Commission president.

These high-ranking Commission officials have, for the past ten years, been responsible for the protection and stability of the common European currency and represented the antithesis of the system of a country that does not participate in the euro and in fact wants to abolish it.

Finally, thanks to the intelligent moves made by Internal Market Commissioner Michel Barnier, the rules of the game have been turned upside down, and David Cameron now finds himself outside mainstream financial Europe, rendering the role of Britain in Europe’s banking matters as marginal.

In this context, it must be added that the crucial error that led to the end of Brussels dominated by the City of London was the withdrawal of the British Conservatives from the European People’s Party ‘EPP), the biggest and most influential political platform in Brussels.

Indeed, only from within the EPP could Tories have successfully lobbied their case – needless to say that any attempt by the British Conservatives to return to the EPP will prove to be a futile exercise, since the Franco-German watchdogs at the gate of Rue de Commerce are standing by and will not allow any further intrusion.

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