Worse, we have made it significantly harder for the 17 members of the eurozone rapidly to put in place the cluster of policies needed to save the euro. Chancellor Merkel said the compromise was workable – to widespread German scepticism; the European Central Bank warmly welcomed the progress, but announced no new measures. If the euro breaks up because its members have to move clumsily and slowly outside the formal EU treaties and institutions because of Cameron\’s veto, the resulting series of bank collapses and consequent depression will hurt Britain badly. What\’s more, fellow Europeans will not forgive us for a generation. This is a catastrophic moment in British and European affairs.
For someone who so loves the euro and the EU it\’s amazing how little Willy Hutton seems to know about how it works.
If the changes had been with all 27, through the mechanisms of the EU, then those changes to hte Treaty have to be ratified by all 27. This includes such things as a referendum in Ireland, parliamentary votes at minimum everywhere else and almost certainly a referendum in the UK.
This would take a couple of years minimum and good luck in getting a referendum through in Eire.
Having an agreement outside the EU structures is much easier and much faster.
Hutton\’s simply got the whole thing bassackwards: not for the first time.