The final negotiations on the banking union for the Eurozone and its relationship to the remainder of the European Union come to the fore this week. One of the biggest issues has been the desire of the European Central Bank to demand that certain activities are located in the Eurozone, even though this would act as a barrier to the single market and undermine London's role as the major financial hub for Europe. Unsurprisingly, this has proved very attractive to the French. Mr Noyer is the French representative on the ECB and will champion the creation of a bloc on the banking regulator that can overrule non-€ members.
If, by the end of the week, we have a bloc that can overrule any other member, then it is game over. The core, an imperium, will begin to lord it over the periphery and rewrite the rules in their favour. Will Labour and the Liberal Democrats (and the supine Cameroons) continue to justify membership and say we are paying the price for our scepticism. Even when the Eurocore rip up the rules of the single market, these fools will say it is our own fault for believing in free trade and fair play. We are better off out!