Top EU News 13/12/11

EU

It looks as though the EU leaders’ decision to draw up a joint fiscal policy has failed to convince international ratings agencies.  Moody’s Investor Services has announced that it will reassess the credit ratings of the 27 EU countries, as last week’s summit offered ‘few new measures’. Standard and Poor, the firm which threatened to perform a mass downgrade on Eurozone countries, has yet to make an announcement.

France/UK

French President Nicolas Sarkozy has announced that last week’s summit marked the birth of a new Europe. He mentioned the contrast between those nations who are involved for the sake of the single market, and those who wish to see closer integration and co-operation. Meanwhile, in Britain, Prime Minister David Cameron is coming under continuing pressure for his refusal to agree to treaty reform, as he argues it would be against UK financial interests.

EU

Jose Manuel Barroso has announced that David Cameron’s behaviour at the Summit made any idea of treaty reform impossible. Instead of the desired reform, it looks likely that the intergovernmental treaty should be ready for implementation by March. Meanwhile, the Czech Republic, Sweden, and Hungary remain uncertain of their participation in the intergovernmental Fiscal compact.

Sources: BBC/Reuters/Euractiv