Freitag, 3. Juli 2009

United Kingdom opposing European majority

Artikel von Jenny Conrads und Caspar Sachs

The European Union, which sits in conference in Berlin at the moment to agree on legal actions against the continuing financlia crisis, has still not come to an agreement regarding the question of the degree of power of the suggested european system of financial supervsision. Due to the strong resistance of the british delegates there is no satisfying solution in sight yet. The United Kingdom is afraid of losing sovereignity over its financial sector, one of their most important domestic economic sectors.

They earned harsch cristicsm by the majority of the member states, especially Germany, Bulgaria and Denmark. When the United Kingdom made clear that it would not support the current version of the draft, Cyprus even reacted by refusing to vote for any compromise by the British delegation. This leaves the council of the European Union in a highly unsatisfying position as there might be no agreement at all unless some delegations consider to rethink their position.

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