London Daily

Focus on the big picture.
Thursday, Jul 03, 2025

EU contempt laid bare: How French President told Britain to 'shut up about euro'

EU contempt laid bare: How French President told Britain to 'shut up about euro'

FRANCE's former President, Nicola Sarkozy, repeatedly clashed with David Cameron before a crisis summit of the eurozone's 17 members in 2011 and warned him to "shut up about the euro", unearthed reports reveal.
At the end of May, France and Germany announced they are backing the creation of an EU bond to raise €500billion (£447billion) to boost the European economy, severely weakened by the COVID-19 pandemic. The two leaders, Emmanuel Macron and Angela Merkel, unveiled their proposal in a joint video press conference. If approved, it would be the first time the bloc has pooled its debt in this way.

The measure immediately raised objections from the Netherlands, Austria, Denmark and Sweden, known as the "Frugal Four", who support the establishment of a one-off emergency fund but do not back debt sharing or a significant increase in the EU’s next seven-year budget.

However, the pressure that the pandemic poses on the EU as a whole might work in favour of the Franco-German joint proposal.

Andrew Watt, head of the unit for European economic policy at the Hans-Böckler Foundation, said: “The Frugals, on paper, have a fairly strong position in the sense that this whole thing is located within the European Union budget.

“In practice, though, none of them want to go down in the history books as the country that, faced with a pandemic, after all these countries have gone through, let them starve.”

The plan is, nonetheless, incredibly critical as, in the long run, it could raise questions over governments' ability to repay debts and also revive the threat of countries leaving the single currency.

Similarly, it was Britain, who, nine years ago, found itself in a similar position to the one of the Frugal Four.

As the crisis in the eurozone reached its peak, Britain demanded that all 27 EU countries be given the final say over measures to prevent the eurozone's sovereign debt crisis spreading and Europe sliding into deep recession.

However, according to a 2011 report by The Telegraph, at the end of a crisis summit, former French President Nicola Sarkozy expressed rage at the constant criticism and lectures from UK ministers.

Mr Sarkozy bluntly told Mr Cameron: "You have lost a good opportunity to shut up.

"We are sick of you criticising us and telling us what to do.

"You say you hate the euro and now you want to interfere in our meetings."

Following strong and vocal support from Sweden and Poland, Mr Cameron managed to secure an agreement that he and non-euro countries would be invited to the bank rescue summit the following week.

He also won a fight to include a “safeguard clause” that the eurozone would not be allowed to take any decisions on issues, such as regulation of financial services, that affected all the EU’s 27 members.

So when institutional changes to the primary law had to be agreed and ratified by all member states, Mr Cameron decided to use his veto to block the EU-wide treaty, claiming he had to protect key British interests – including its financial markets.

However, the former Prime Minister's victories were short-lived.

That same day, President Sarkozy hailed a “historic” breakaway “euro plus” bloc that would have pursued fiscal and economic union via a new treaty outside the EU, leaving Britain isolated and not part of the negotiations.

Despite not attending the meetings of the new fiscal union, Whitehall officials were braced for a string of new initiatives that would have had an impact on the British economy.

One Whitehall source said at the time: “A decision taken by the Euro-Plus summit is a fait accompli for the EU.

“If the Euro-Plus decides that will be translated into an EU decision via its in-built qualified majority, Britain won’t have a chance to influence EU decisions on economic, social and employment legislation that overrides its national law.”
Newsletter

Related Articles

0:00
0:00
Close
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
×