Europe pushes ahead with fiscal union, UK isolated

Under the new treaty plan, the leaders agreed to pursue a tougher budget discipline regime with automatic sanctions for deficit sinners in the single currency area, but Britain said it could not accept the proposed treaty amendments after failing to secure concessions for itself on financial regulation.
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One senior EU diplomat called Cameron’s negotiating tactics “clumsy.” Among other things, he had sought a veto on a proposed financial transaction tax, which may now be voted through by a majority over the objections of London’s financial centre.