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.

He did a great thing. The Euro and the planned gigantic bail-out funds need to go away.

I agree Machina, our politicians have been going on for years about how the EU is a gift, he made the right choice by far as look at the financial chaos spawned by the Euro and then ask yourself why should other countries manage your economy no country should accept that, the EU members are in their dilemma because of one of their own creations. It's bad enough they're calling on everyone for a massive bailout let alone some of their proposals.

I think the EU is something fantastic and it made my live a lot more easy ( I travel much in Europe). And the euro didn't spawn chaos, it were the undisciplined countries that did. And that's why they want this rule, more discipline to avoid anything like this in the future. And If the Britains don't want that, it's too bad. This will certainly result in less power for the UK in Europe and that will cause a lot of problems in the future. The UK is going to be isolated if it keeps going on this course. And in this modern society based on globalisation being isolated is one of the worst things that can happen to your country. I think Britain ripped itself loose from Europe and it won't be good for them...

Coward? Nah.

He's doing what politicians do best. Using his leverage to get changes to benefit the UK.

An great EU disaster can't be avoided without treaty changes and eventually a "balanced budget" amendment for each EU member state.

Treaty changes require EVERY states approval, and the UK is one such state... and also NOT a part of the Euro. So while hurt, they'd be hurt less then nearly every other state in Europe. Possibly even less then Germany.

So, he's using brinksmanship tactics to likely get whatever he wants. Whether it be integration protection (which seems unlikely) or just some other laws that will benefit Brits.

He's in the drivers seat and he's making the best of it.

Some might charge him with recklessness, but cowardliness?

The problems are VERY MUCH due to things within europe.  That is the fact that you created one fiscal currency for a number of countries but didn't set a single fiscal policy.

It's like you and a bunch of friends renting a house for college... on the one hand you have countries like Greece, Italy and Spain who are charging up their credit cars to live the good life like their friends Germany and France despite the fact that their jobs aren't nearly as good.

Then you've got a bunch of other countries who are essentially living paycheck to paycheck... and a few with modest savings but also moderate debt,

Then you've got your responsible nations with a good job and almost no external debt who end up paying for everything and unless something changes are eventually left with two shitty options, abandoning their friends, take a hit on the deliquency payments and move on, or pay until you go bankrupt... and be even more screwed.   These countries are Germany... and... well  Germany really that's it.  France is deceptivly "Paycheck to Paycheck".

Without the rule coming down it's completely unworkable long term, but once in DOES come down, and those soverign states give up control of their fiscal policy, are they really soverign states anymore?  

They really aren't any different from Pre-Civil War United States after that.  

What of course makes it even trickier is that a lot of these countries that are living paycheck to paycheck are relying on IOUs from the poor countries.  That's why people often describe italy and spain as "Too big to fail, to big to save."

You could freeze all fiscal market activity and it wouldn't matter, becaue Greece and Italy can't pay their bills... and unlike Iceland who's debts were relavitly small do to their economy being small...  Greece and Italy would cause HUGE problems everywhere and like send Spain, Portugal and a bunch of other states into bankruptcy... and the ECB isn't authorized to bailout soverigns.

why is he a coward,

if you just watched the bbc you'd think it was europe or don't exist are the only options

i don't want to be in a one govt,one currency european union being told what we can and can't do by euro leftist socialists we may aswell have a one govt,one currency planet and get on with it

when its good enough for switzerland to join the euro then we'll join the euro

i don't understand all the scaremongering in our lefty press about trade and jobs if we are out of the eu,the world is a big place,i'd rather be in contorl of our own country then hand it over to a complete bunch of leftist nutters who can't afford any of their pie in the sky socialist agendas

I question if you can leave.  Afterall there is the "EU countries must deal with EU countries first" directives and the whole tax benefits that would suddenly make your EU exports rise.

are you serious?

greece has problems because people on the outsiide markets are thinking WTF

people seem to forget what happens when elections start kicking in around europe if they are allowed by merkozy

i can see the uk's coalition breaking up over this and us having another election

While I'm actually pro-Europe and pro-Euro the idea that you can call Cameron a coward for not essentually signing up London to be taxed 40 billion a year to bail out the Eurozone because fiscal policy to protect the Euro that should have been put in place a decade ago is only just being put in place now is laughable.