We journalists are probably too bleary-eyed after a sleepless night to understand the full significance of what has just happened in Brussels. What is clear is that after a long, hard and rancorous negotiation, at about 5am this morning the European Union split in a fundamental way.
In an effort to stabilise the euro zone, France, Germany and 21 other countries have decided to draft their own treaty to impose more central control over national budgets. Britain and three others have decided to stay out. But whether the agreement does anything to stabilise the euro is moot. (via theeconomist)
Follow the Guardian’s live blog on developments here. Other content we’ve got today on the Eurozone:
I’m not sure how much more fundamental this split is. Britain had never joined the common currency Eurozone, and it seemed unlikely to do so. But that gap does seem to be widening, as Britain now seems to be shifting towards an Atlanticist position, rather than a Continental one.