I was out of the country and out of touch with markets last week and it has been hard to catch up with the European soap opera after missing a few episodes.
First here’s a quick guide to what happened in the EU.
The UK press has been helpful. Here’s a good article in The Guardian on seven key questions Britain must face after Cameron’s EU veto. The final three questions are the most compelling.
Britain may be forced to recognise sooner rather than later that by embracing the self-fulfilling prophecy of Eurosceptic rhetoric. Europe and the world has indeed become a more difficult place for the UK to exert its influence.
The Guardian’s news blog is also a helpful takeoff point.
The big loser in the papers so far appears to be Nick Clegg, leader of the Liberal Democrats, who are the junior coalition partner. His party’s position has always been pro-Europe and now he doesn’t appear to stand for anything. Clegg certainly doesn’t sound happy:
I’m bitterly disappointed by the outcome of last week’s summit, precisely because I think now there is a danger that the UK will be isolated and marginalised within the European Union.