Cameron Demands Risk U.K. Becoming Hedge Fund Island for Merkel
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U.K. Prime Minister David Cameron and German Chancellor Angela Merkel are both talking up competitiveness -- in two incompatible languages.
Cameron’s determination to protect the financial-services powerhouse in London and tame what he sees as the bureaucratic leviathan known as the European Union risks turning his country into an island of hedge funds, in the German view.
“It’s dangerous for them to think the City can stay top of the pops outside the union,” said Otto Fricke, budget-policy spokesman for the German Free Democrats, the junior party in Merkel’s coalition.
The British-German disconnect will shape two parallel processes: whether the U.K. remains in the 27-nation EU, and whether the 17-nation euro area evolves past the debt crisis into an economy productive enough to afford its social-safety nets.
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