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American history day in Britain

British commentators see the ghost of Herbert Hoover in the outcome of the EU summit
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Dwight David Eisenhower - a Republican President today's UK Labour Party can do business with. (AFP/Getty Images)

It's American history week here in Britain. On the right and the left, the name of Herbert Hoover is being invoked.

At the right-wing Daily Telegraph Ambrose Evans-Pritchard rails against the tight rules on budget deficits and debts agreed at last week's EU summit in a piece headlined: "Merkel's Teutonic summit enshrines Hooverism in EU treaty law." The sub-head of his piece says it all:

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Something extra from the European Summit for policy wonks and law students

Final communique hints at a way for Britain to still veto the EU treaty.
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David Cameron strides purposefully at the European Summit. He has taken Britain out of the equation of the EU for the moment but that could change. (GEORGES GOBET/AFP/Getty Images)


For euro wonks here is a link to the final communique from the European Summit. The leaders called for a "new deal" between euro area nations to be enshrined in "ambitious rules " that are legally binding.

The key points:

Annual structural deficit not to exceed 0.5% of nominal GDP

Automatic "consequences" for euro zone nations whose deficits rise above 3% of GDP.

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Europe agrees new fiscal union treaty - without UK

After 10 hours of talks, all 17 countries that use the single currency and six others decided to negotiate a new agreement that will sit alongside the existing EU treaty.

Euro summit: something to kill time with while waiting for the fate of the world to be decided

Which country is the greatest credit risk? The one S & P is thinking of downgrading from AAA or the one whose interest rates are low and whose AAA seems to be copper fastened?
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Wonder what he's thinking? Greek Prime Minister Lucas Papademos arrives for his first EU summit. (GEORGES GOBET/AFP/Getty Images)

IN the next 24 hours, while the leaders of the EU, have dinner and decide the fate of the global economy and the coming epoch in history. (Hyperbole always precedes reality.) You could do worse than peruse Euromoney Country Risk published by Euromoney magazine.

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Britain's David Cameron: on the outside looking in

The British Prime Minister is getting to know the space between the rock and the hard place as the euro and Britain's economic fate are decided without him
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David Cameron heads off to Brussels for the EU summit. (CARL COURT/AFP/Getty Images)

As the EU summit gets underway spare a thought for the leader of Europe's perpetual odd man out, Britain.

Prime Minister David Cameron is marginalized by the facts: Britain is not part of the Euro. This gives him precious little influence in shaping a solution to the euro zone debt crisis, but whatever happens, if the euro breaks up Britain will pay as high a price as any euro zone member for failure.

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The euro zone's real crisis: weak leadership

ATHENS — Because of lackluster leadership, Europe's crisis has grown far worse. Can Merkel and Sarkozy now turn it around? 

Euro zone crisis summit: the spinning begins

Leaked reports, anonymous quotes and threats from Tory backbenchers fill the time while waiting for the leaders to make their decisions.
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The flowers aren't Angela Merkel just yet. These are for a cabinet colleague's birthday. Merkel's laurels may be presented if the EU summit endorses her plans for rescuing the euro (Sean Gallup/AFP/Getty Images)


At the press conference following their meeting Monday, German Chancellor Angela Merkel and French President Nicolas Sarkozy were deliberately vague about their agreed plan for saving the single currency.

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Merkel and Sarkozy create a Europe the American right can do business with?

Proposals to save the euro agreed yesterday by the German Chancellor and French President focus on legally enforced balance budgets.
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Perfectly balanced pair - Chancellor Angela Merkel and President Nicolas Sarkozy agree to a rescue plan for the euro zone centered on balanced budgets. (Julien M. Hekimian/AFP/Getty Images)
Merkel and Sarkozy call for legally enforced balanced budgets for euro states as the way out of the crisis. Congressional Republicans can only watch in envy.
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Euro crisis: news and questions to start the week

Italian government embarks on new austerity push ... but does cutting spending, raising the retirement age as well as all kinds of taxes address the fundamental problems of any advanced economy?
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If you knew what he knew you would look serious too. Italian Prime Minister Mario Monti shortly before his government announced new austerity measures for Italy, including raising the retirement age and a wide range of taxes. (ANDREAS SOLARO/AFP/Getty Images)
News from Italy and links to some the sharpest analysis around
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Sarkozy sells out to Merkel on euro rescue

PARIS — French skeptics say Europe already has a law similar to Merkel's plan. And countries have violated it more than 60 times since 1997. 
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