Rather than focus on sorting out the Euro crisis the French and German governments sought to use the negotiations to consolidate their grip on the City of London. The City has been looked upon with envious eyes for decades and proposals were being made which would damage London, the UK and Europe as a whole.
Clearly the negotiators believed that the stakes were too high for Cameron to “play games” over the fiscal union treaty and that he would just swallow the EU proposals. The stakes may well have been high but Cameron called their bluff and used the UK’s veto. I am sure that some will blame DC for scuppering the treaty and risking the financial stability of Europe but, as Anthony Browne highlights here, they treaty was theirs for the taking. All they needed to do was leave the City alone.