EU summit: tales of fiscal union and financial adulteryby Jérôme E. Roos

"On Friday morning, a crucial EU summit — touted as the last opportunity to save the euro from collapse — ended in a dramatic split between the UK and the rest of Europe... The break-up marks yet another tectonic shift in European history. But it also reveals the extent to which financial interests have corrupted the minds of our leaders and soured their mutual relations."

"This was never a clash over the European interest versus the British interest, as both continental cosmopolitans and British euroskeptics like to portray it. Behind the veil of ideology lurk powerful financial interests dictating the choices of our double-crossing elites."

"More specifically, Cameron demanded that: (1) “any transfer of power from a national regulator to an EU regulator on financial services would be subject to a veto”; (2) “the European Banking Authority should remain in London”; (3) “banks should face a higher capital requirement”; and (4) “the European Central Bank be rebuffed in its attempts to rule that euro-denominated transactions take place within the eurozone.” Sarkozy rejected Cameron’s demands outright."

"The reasons for this are really quite simple: (1) Sarkozy doesn’t want UK-based banks to get a competitive advantage by dodging the European-wide financial transaction tax; (2) he wants the European Banking Authority to move to Paris; (3) he knows French banks are in a much weaker position than their UK counterparts; and (4) he wants euro-denominated transactions to take place within the eurozone so they will be routed via La Défense instead of the City."

"The bottomline is that this is a battle of banks; a clash of capital — it has nothing to do with the general European or British interest. If the eurozone were to break up, many German and French banks would collapse, hence the Franco-German push for fiscal union. Yet such a fiscal union would impose continental-style regulations on the free-for-all City of London. Fearing its competitive position vis-à-vis New York, the UK therefore strongly opposed participation."

"So whenever they tell you “there is no alternative”, don’t believe them — it’s a lie. As a European Central Bank official recently told Reuters, “what I think is important at the moment is not showing politicians that there might be an alternative, because in their mind that might be less costly than the options they have.” The attempt to naturalize and depoliticize this crisis is an ideological smokescreen meant to keep us firmly in a state of financial prostitution."

"The task is upon us to disseminate the truth and get organized. Another Europe is possible!"