Has Britain Missed Out on History?
I am still assessing the impact of Britain's 'no' last week at the latest in the never ending European summits. Prime Minister David Cameron nixed Britain's participation in any treaty change that works its way though in the coming weeks. Change is in the air–Germany is driving a closer fiscal union as the euro project attempts to right itself and move beyond the current crisis. Much comment is being made about the long term impact of a European project without Britain's full participation.
Some feel Britain made the right decision while others see catastrophe. London is a financial capital for the world. This will not change overnight but when relative changes begin to be made in world finance it will impact London's position. Without full partnership the equation is altered.
Dominique Moisi writes in the Financial Times that Britain has missed an historic opportunity. Britain misjudged its relations as a power during the Suez Crisis of 1956. The United States told them to cease occupying the canal and give it to the Egyptians. In the 1960s as the European project was building up Britain was looked upon with suspicion by the French, notably President Charles DeGaulle. As others put it, they were part of Europe but not "European" enough.
Margaret Thatcher said that Europe was always making a mess that needed cleaning up by the Anglo-Saxons. This was twice true during the twentieth century.
Moisi hits it right that Britain is backing out of a Europe what will be led by Germany:
"By saying “No” at this crucial juncture, David Cameron is not only reinforcing the close-knit alliance between Paris and Berlin, but condemning a largely British conception of Europe to be led by an unequal Franco-German couple, in which there is clearly less France and more Germany...Great Britain has failed to realise how fundamentally the world is changing in front of its eyes".
Truly the world is changing and how far it tilts between Asia and Europe is yet to be seen. But Europe will play a key role and Britain, unless something else changes, will find itself on the outside looking in. So may their American cousins.
