The government’s Sarkozy problem (and other euro dilemmas)

This week’s European Council meeting has been analysed by diplomats and commentators alike, but a number of issues have not been brought out as clearly as they need to be.

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Druin Burch

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The first is that Britain will now achieve political advantage, at the cost of economic setback, if the euro collapses. Although the government insists both that it is still wedded to the success of the euro and that it will not be isolated in Europe now or in the future, the simple fact is that eurofailure will ensure that efforts to organise among the 26, rather than the full 27, will finish. The economic costs would be considerable — possibly 10 percent of Britain’s GDP — but it would help Britain back into the centre of European decision-making. So the problem is not that Britain will be marginalised, but that our political interests are now directly opposed to those on the European continent.