This is a perfect example of the duplicity (or more accurately, lies) that politicians exhibit when speaking about the EU:
Nick Clegg: "This is the irony: we were never being asked as a country to transfer any sovereignty whatsoever from the United Kingdom to the European Union.”
The facts: All the EU nations (whether they use the Euro or not) were being asked to agree to a proposal which would effectively allow EU institutions to regulate their fiscal and financial affairs. They would have the power to impose penalties against those nations or organizations who “transgress”. Germany's Chancellor Angela Merkel said the only way to prevent a crisis happening again was to enshrine the budget rules in EU treaties. That way there would be a mechanism in primary EU law to impose stiff penalties on countries that overshot the agreed deficit limits. It has not been disclosed whether many of the proposals were to apply to the 17 Euro countries or all 27 member state. But anybody who has studied the way EU measures have been introduced by stealth will beware that “mission creep” is always prevalent within any EU legislation. It is a fairly safe bet that those countries outside the Euro will be subject to the same measures as those within if they show the slightest sign of gaining a competitive advantage. The UK should not have to agree its budget deficit with anybody other than MPs in Westminster.
How Clegg can suggest that the new measures involve no loss of sovereign control beggars belief. The French and Germans detest the fact that the City of London has such an advantage over Paris and Frankfurt and are trying by every means they can to cripple the City.
I claim no original copyright to the quip but the UK is now isolated in the same way as were those who missed the maiden voyage of the Titanic. I’m afraid, rojash, you have swallowed hook line and sinker a huge dose of EU scaremongering. There is no evidence whatsoever to support the notion that the UK will be substantially worse off as a result of being “marginalised”. Certainly as far as jobs go, the nation can scarcely end up worse off than, say, Spain. In fact, after last week’s developments they may be in a far stronger position than many people think.