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Michael GoldfarbMay 18, 2012 06:00
British Prime Minister David Cameron is out of the loop on Europe’s growth-versus-austerity debate
Having opted out of Merkel's EU fiscal austerity plan, Cameron is sidelined as the euro zone grapples for a future.
Having opted out of Merkel's EU fiscal austerity plan, Cameron is sidelined as the euro zone grapples for a future.
The British government faces a genuine problem. It has cut itself off from any influence over Germany and France. And what good is Cameron's government to the Obama administration if it doesn't have the ability to have a quiet word with Merkel and co. about changing course, throttling down on austerity, stimulating the euro zone's weakest economies and accepting a little more inflation in Germany — for the good of the world economy?
Right now, Britain's main role in the world economy is to be the place where Wall Street traders can do the stuff they can't do in New York because the City of London has fewer rules. It is no surprise that JP Morgan's recent multi-billion dollar losses were made by a trader called the "London Whale." Even less surprise that informed speculation says the problems began with bets against the euro.
More from GlobalPost: Too small to succeed: Imagine a world with no banks
Merkel might be just a little peeved with Cameron because for months she has been asking for tighter regulations in the City of London, something Cameron refuses to discuss.
Maybe Barack should take Dave aside just before cocktails on Friday night and tell him to go over and make nice to Angela (they're all on first-name basis, I hope). Actually, now that I think about it, I was wrong at the top of this letter, maybe the protocol chiefs should seat the British prime minister right next to the German chancellor rather than at opposite ends of the table.
Not for Germany's sake, but for Britain's.
http://www.globalpost.com/dispatch/news/regions/europe/120517/british-prime-minister-david-cameron-austerity-euro-zone-crisis
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