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How I see it is that it took a lot of balls to do what he did. One may see it foolish, but it is by no means cowardice. And this is coming from a moderate Europhile (though I'm strongly against U.K entry to the Euro). Rightly or wrongly, the city of London and it's finance accounts for something like 10% of the U.K economy; therefore pan-EU regulation could have potentially disastrous effects for the U.K economy, which would be disproportionally affected, despite not being part of the Eurozone. My only concern is that I believe (but I could be mistaken) that Britain now that more limited say in certain EU economic policy, which will effect our economy.