"You have lost a good opportunity to shut up," Sarkozy said to Cameron during a bitter two-hour exchange which held up a meeting of all 27 European Union states on 23 October 2011, according to the Guardian. Translating the relatively polite European English into American slang, Sarkozy’s statement becomes, Shut the fuck up. "We are sick of you criticizing us and telling us what to do," Sarkozy added. "You say you hate the euro, and now you want to interfere in our meetings." Cameron had insisted on participating in the euro zone meetings because he anticipated that, perhaps along the lines of taxation without representation, unfavorable regulations would be imposed on Britain without its consent, according to The Telegraph. Cameron also claimed that the euro zone crisis was having a "chilling effect" on all European states, including Britain. He insisted that all 27 E.U. state governments, rather than just the 17 using the euro, should be able to have the final say over Europe's rescue package, according to The Guardian. I submit that the argument portends in retrospect, at least, the decision taken by the British to secede from the Union.
Was Cameron trying to have it both ways by having refused to transfer the governmental sovereignty necessary for monetary union yet going on to demand being entitled to a vote on monetary policy regarding the euro? Might it be that the prime minister presumed himself to be in a superior position from having evaded the common-currency trap, and thus he felt entitled to tell the E.U. “euro” states, which had found themselves in a pickle, what to do? Alternatively, if British banks are called on to take sizable losses on their Greek debt holdings and/or to increase capital reserves, the state government would indeed be entitled to participate in the decision-making process at the E.U. level on those proposals.
Cameron would doubtless go further, insisting that just the fact that Britain would be adversely affected economically by a Greek default justifies the British prime minister in having a seat at the table. At the time of the E.U. conference, the Huffington Post observed: “Europe already is entering a continent-wide economic slowdown, as manufacturing output recently reached an 18-month low, according to the Wall Street Journal, and European economic growth fell to its lowest rate in two years, according to The New York Times.” Any mishandling of the Greek situation could easily rock the European economic boat, which Britain is in. In other words, if the debt crisis had gone well beyond the matter of the euro, then Cameron had a legitimate point that the entire E.U. should decide on a solution. This could mean that all 27 states contribute to the European Financial Stability Facility, for otherwise it would be difficult to bracket the involvement of the non-euro states in the decision-making process. In other words, if the most serious of the financial problems involve European banks and wayward E.U. states rather than centering on the euro itself, then all of the states should be involved in the decision-making at the E.U. level.
Source:
Bonnie Kavoussi, “Nicolas Sarkozy To David Cameron: ‘You Have Lost a Good Opportunity To Shut Up’,” The Huffington Post, October 24, 2011.