| ID | 145553 |
| Title Proper | Financial centre and monetary outsider |
| Other Title Information | how precarious is the UK's position in the EU? |
| Language | ENG |
| Author | Schelkle, Waltraud |
| Summary / Abstract (Note) | The UK's negotiating position in the area of ‘economic governance’ started from the assumption that there is a deep dividing line between insiders and outsiders of the ‘euro zone’. To protect the outsiders, the UK government did not ask for a veto, but for a safeguard mechanism that can postpone a decision in the euro area. This is exactly what David Cameron achieved in the negotiations with Council President Tusk. This article explains why the UK demands were so modest. Key is the peculiar situation of the UK being the major financial centre for a currency union to which it does not belong. Hence, the UK taxpayer needs protection from the City, and EU membership has helped to provide this. There is not much else a UK government could ask for. |
| `In' analytical Note | Political Quarterly Vol. 87, No.2; Apr-Jun 2016: p.157–165 |
| Journal Source | Political Quarterly 2016-06 87, 2 |
| Key Words | EMU ; Financial regulation ; Brexit ; Euro Outsiders |