From The Guardian UK: http://www.guardian.co.uk/business/2011/dec/08/david-cameron-nicolas-sarkozy-euro
Countries using single currency will pursue side-agreement to end crisis after David Cameron’s refusal to yield sovereignty
The Guardian, Thursday 8 December 2011
Eurozone countries are to go it alone with an intergovernmental deal between themselves after Britain blocked changes to the Lisbon treaty aimed at saving the currency.
After a marathon overnight meeting in Brussels the president of the European council, Herman van Rompuy, said the intergovernmental treaty would include the 17 eurozone states plus six other European Union countries but not all 27 EU members.
The German chancellor, Angela Merkel, praised the plan. “I have always said, the 17 states of the eurogroup have to regain credibility,” she said. “And I believe with today’s decisions this can and will be achieved.”
Van Rompuy said the countries would provide up to €200bn ($268bn) in extra resources to the International Monetary Fund.
The French president, Nicolas Sarkozy, said early on Friday he would have preferred a treaty among all the members of the European Union. But that could not be achieved, he said, because the British proposed that they be exempted from certain financial regulations.
“We could not accept this” because a lack of sufficient regulation caused the current problems, Sarkozy said.
Continue reading at: http://www.guardian.co.uk/business/2011/dec/08/david-cameron-nicolas-sarkozy-euro