During Cameron's interview on the Andrew Marr show, the Prime Minister endorsed teh development of a second and separate budget for the Eurozone. Such a pot of money would ease pressure on Britain to appease the hard core if all decisions were channelled through the current institutions.Short term political expediency and the advantage of diverting integration to a new set of parallel institutions prove attractive to all political parties in Britain.
The division commenced when the fiscal treaty was signed by most Member States last year. Britain vetoed and then stood to one side. Now early critics like the French socialists have passed the treaty: the Eurozone emergency proving more persuasive than principle.
Now, the core and periphery, so successfully modelled in the currency union, will be replicated in the EU's arrangements. Enthusiasts are still attached to the term 'two speed', but the reality is a inner and outer zone. Given current troubles, stop and reverse appear attractive directions when confronted with the Eurozone. Britain, France and Germany all, for different reasons, support this development.
Yet, is this a permanent development or flotsam discussed and soon to be blown away under the pressure of events. I regard all current proposals as temporary, subject to deformation, and hostage to the fortunes of the single currency