Cameron can’t see his nose on the front of his face, now is the right time to pull out of the EU said Sir Michael Black-Feather the English minister? Better to pull out of the EU now, let them sort their own messes out? And if and when they do! which is very unlike, then and only then should England think of re-joining, but I feel we would be far better of out than in, Mr Cameron says Eurozone crisis gives Britain a chance to redraw EU, with what said Sir Michael, I couldn’t disagree more with Cameron there is no benefit for England in the EU with country by country that is a part of the EU crashing down around us each day full of debts they can’t clear, there is only one way to fix the monetarist mess, and that is to write-off every single counties debt and start with a zero blank bank balance and re start at the beginning and with someone that can do maths?, and this not going to happen
Cameron says the crisis in the Eurozone gives Britain the chance to refashion the EU as a looser union, he said on Monday, after Angela Merkel, the German chancellor, said that she wanted substantial treaty change to strengthen it and give the European commission the chance to impose fiscal discipline on excessively indebted states in the single currency area Sir Michael said what she is saying in plain “English” is that she wants Germany to go back to being a dictatorship.
Speaking at the lord mayor's banquet in London, Cameron, describing himself as a sceptic, hailed the collapse of the old assumption that power within the EU could only flow from the nation states to Brussels and EU membership could only lead to ever closer union.
Merkel had earlier described the crisis as probably Europe's toughest hour since the Second World War, but again spurned UK proposals for a Eurobond or for the European central bank to become lender of last resort to prop up the euro.
Cameron is due to travel to Berlin at the end of this week both to urge Merkel to make the ECB more interventionist and to set out what the UK will seek to safeguard and change in the event of treaty change being sought by Germany.
He is also likely to visit Brussels before an EU summit on 9 December to hold a preliminary discussion on the scale of treaty changes required to safeguard the single currency. The Germans have opposed most solutions, but clearly see a two-speed Europe as essential to progress. Facing a round of bad economic and unemployment news this week, Cameron wants leaders of the EU to allow nation states to deregulate more of its labour laws, notably the working time directive, as well as extend the single market in services.
He said out of the euro crisis came an opportunity for the EU to rethink its purpose and rules. The deputy Prime Minister, Nick Clegg, has argued against widespread treaty change.
Cameron said: "Change brings opportunities. An opportunity to begin to refashion the EU so it better serves this nation's interests and the interests of its other 26 nations too. An opportunity, in Britain's case, for powers to ebb back instead of flow away and for the European Union to focus on what really matters."
He set out his objections to the current EU: "its how out of touch the EU has become when its institutions are demanding budget increases while Europe's citizens tighten their belts. It's the pointless interference, rules and regulations that stifle growth, not unleash it.
"The sense that the EU is somehow an abstract end in itself, immune from developments in the real world, rather than a means of helping to deliver better living standards for the people of its nations. Unless we all get a grip on growth the European Union will remain an organisation in peril representing a continent in trouble."
By contrast Merkel claimed in an hour- long speech to her party conference in Leipzig: "The task of our generation now is to complete the economic and currency union in Europe and, step by step, create a political union. It's time for a breakthrough to a new Europe. Through the crisis, Europe is growing closer together and Europeans are discovering that decisions taken in one country can have enormous impact on the rest of Europe".
Her Finance Minister Wolfgang Schäuble won prolonged applause when he said: "We now need to build the political union [in Europe] we never managed to build in the '90s."
Some members of Merkel's CDU party as well as leaders of the SDP are talking of the need for a make or break referendum in Germany to reset the German constitution and give democratic backing to greater political integration across the Eurozone.
At its congress, the CDU voted to allow EU member states voluntary exits from the euro, but rejected calls for ECB board membership to be weighted according to size of economy – a recipe for Franco-German domination.
The CDU also called for the European stability mechanism, which is set to succeed the European financial stability facility in 2013, to be turned into a fully-fledged European monetary fund, along the lines of the International Monetary Fund, although it rejected sovereign debt-pooling via Eurobonds.
European banks continued to sell sovereign bonds to shrink their balance sheets, meet new higher capital requirements, and reduce their risk exposure, so making it more difficult for Italy and now Spain to find buyers for their bonds at sustainable prices. Italy sold €3bn euros ($4.1bn) of five-year bonds priced to yield 6.29%, the highest since June 1997.