The fascinating part about the EU summit is that it has reverted back to the traditional fault line, the English Channel. France and Germany and 21 others have decided to strike a treaty that will give them control over their respective budgets. But Britain, the island nation, has opted out. The problem is that millions of British jobs rely on trade with the rest of Europe. Britain is heavily invested in the rest of Europe. Its banks are exposed to the rest of Europe. Its economy is inextricably linked to Europe, so the isolationism doesn't make sense.
Or maybe it says something about the relationship between British Prime Minister David Cameron and French President Nicolas Sarkozy. They hate each other's guts. According to The Guardian, he told Cameron: "You have lost a good opportunity to shut up. We are sick of you criticising us and telling us what to do. You say you hate the euro and now you want to interfere in our meetings."
The crunch point is Cameron's very different attitude to the financial world. Britain's wealth is based around London being a major financial center. It really can't impose a tax on financial transactions, as the rest of Europe would like to, as that would hurt London.
For their part, have a very distinctive view about the crisis. They believe the Anglo-US model created the meltdown in the first place and now Europe is suffering because of it. : "The French are out to screw us," one source told The Telegraph. "Despite all the jollity, the fact is that Sarko doesn't gives a s*** about us. It's all bull***."
The Entente is no so cordial anymore and that means it's going to take Europe a lot longer to extricate itself from this mess.
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