Last year when markets were tanking and the PIIGS running round squawking like dying rats begging for hand-outs, one solution was the two-tier EU with a top tier of economic and concomitant political governance. At the time I suggested that if that were to happen we should be on our guard for moves towards Britain joining the Northern euro area. I stand by that, despite government assertions. Cameron himself has said that the country “will not join the euro in this Parliament.” They always have a get-out clause.
Austria Fails To Ratify EFSF Expansion, EURUSD Plunges. A further meeting has been called.
I wouldn’t like to be in George Osborne’s shoes. He can upset the British electorate or upset the EU, either way it’s not looking good for him, which probably explains all those cocaine/prostitute stories in the msm lately.