"The European commission underlined the negative impact of David Cameron's summit gambit by pledging that the City's financial institutions would be subject to new regulations hatched in Brussels.
Emphasising the EU's determination to dismiss Cameron's abortive attempt to secure exemptions for the City, Olli Rehn, the commission vice-president in charge of economic and monetary affairs, was scathing about the prime minister's campaign. This was rejected by the Brussels summit on Friday, triggering a British veto of German plans to anchor a new eurozone fiscal union in a renegotiated Lisbon treaty."
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