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Financial centre and monetary outsider: how precarious is the UK's position in the EU?

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  • Schelkle, Waltraud

Abstract

The UK’s negotiating position in the area of ‘economic governance’ started from the assumption that there is a deep dividing line between insiders and outsiders of the ‘Eurozone’. To protect the outsiders, the UK government did not ask for a veto but a safeguard mechanism that can postpone a decision in the euro area. This is exactly what David Cameron achieved in the negotiations with Council President Tusk. The article explains why the UK demands were so modest. It is largely explained by the peculiar situation of the UK being the major financial centre for a currency union to which it does not belong. This means that the UK taxpayer needs protection from the City and EU membership has helped to provide this. There is not much else a UK government could ask for.

Suggested Citation

  • Schelkle, Waltraud, 2016. "Financial centre and monetary outsider: how precarious is the UK's position in the EU?," LSE Research Online Documents on Economics 65708, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:65708
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    File URL: http://eprints.lse.ac.uk/65708/
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    More about this item

    JEL classification:

    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance

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