"What is the deal?
Cameron's veto of the European initiative was not really a veto. As critics have pointed out, vetoes stop the process in question. In Cameron's case, the process simply took a new form, shrugged its shoulders and carried on anyway. The form is that of an intergovernmental treaty. While there is still a lot of uncertainty around it, it is likely to impose rules on all 26 EU members – not just the 17 countries which use the euro.
The treaty will hold members to strict new budgetary rules, including a cap of 0.5% of GDP on their annual structural deficits, a requirement for them to keep public deficits under three per cent of GDP and a rule that insists they must submit their budgets for European approval."
The treaty will hold members to strict new budgetary rules, including a cap of 0.5% of GDP on their annual structural deficits, a requirement for them to keep public deficits under three per cent of GDP and a rule that insists they must submit their budgets for European approval."
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