The new draft of the fiscal compact reverses all of the advantages that Great Britain was supposed to have gained in December. Any concessions over observer attendance were vetoed in the new draft which requires ratification before you can even have a seat at the table, by invitation. But you can attend one of two a year. Non-€ countries have some crumbs of discomfort. (George Osborne as a silent observer in the talks must have watched impassively whilst they deride his presence)
Of greater concern is the role of the European Court of Justice in this arrangement, acting as enforcer for economic governance. This serves two purposes: acting as a precursor to incorporation into the main treaty corpus of the EU; and, sending a message to Britain, that political will from twenty-six overcomes any objection by one member. Politics trumps law.
