{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Reax as UK only nation to veto EU treaty change, analyst' data-url='/boclips/videos/5c54bd66d8eafeecae133e07' data-video-url='/boclips/videos/5c54bd66d8eafeecae133e07' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nReax as UK only nation to veto EU treaty change, analyst\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eLondon, UK1. Wide of Westminster Bridge with Houses of Parliament in background2. Union Flag flying from Houses of Parliament3. Set up shot of Mujtaba Rahman, European analyst at Eurasia Group4. SOUNDBITE: (English) Mujtaba Rahman,...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eLondon, UK\u003cbr/\u003e1. Wide of Westminster Bridge with Houses of Parliament in background\u003cbr/\u003e2. Union Flag flying from Houses of Parliament\u003cbr/\u003e3. Set up shot of Mujtaba Rahman, European analyst at Eurasia Group\u003cbr/\u003e4. SOUNDBITE: (English) Mujtaba Rahman, European analyst at Eurasia Group:\u003cbr/\u003e\"Look, the EU operates on the basis of coalitions, if Cameron was out and a number of other strategically important countries were also out, then it gives more voice, more weight to the UK's decision, but the UK is in effect now completely isolated. You've got countries that haven't yet adopted the euro that are equally concerned about the future direction of the currency area, whether or not it's sustainable. They decided to go in, there's a reason they decided to go in, they feel they will be more influential on the inside without necessarily trading off their sovereignty. So I think this speaks to the difficult position Cameron is in domestically. But now in effect he's out in the cold and it's going to make the UK's relationship with the EU going forward much more complicated, much more precarious.\"\u003cbr/\u003eParis, France\u003cbr/\u003e5. Tilt down of Thomas Klau, Head of European Council on Foreign Relations, sitting at his desk\u003cbr/\u003eSOUNDBITE: (French) Thomas Klau, Head of European Council on Foreign Relations\u003cbr/\u003e\"Cameron's decision, which is I believe to a certain degree a real surprise and a shock for the Europeans, consolidates the idea in the mind of a lot of people that we can't make Europe, the Europe we need today, with the involvement of the United Kingdom.\"\u003cbr/\u003e6. Set up shot of Jeremy Batstone-Carr, Head of Research at Charles Stanley and Co.\u003cbr/\u003e7. Close up of hands\u003cbr/\u003e8. SOUNDBITE: (English) Jeremy Batstone-Carr, Head of Research at Charles Stanley and Co.:\u003cbr/\u003e\"I think we will see continued stalemate and I think the financial markets will be disappointed about that. I think that the only solution on the table, on the basis that the bailout facility is unfunded and is therefore inappropriate to turn to for either bust banks or bust governments, is for the European Central Bank to print euros. That's got to happen, at some point Mario Draghi is just going to have to get the Bundesbank monkey off his shoulder. However, until that happens I don't think anything really very much has changed. Whilst treaty change may be great for the medium to longer term, I think there are issues there too, but the market needs answers and it needs them now.\"\u003cbr/\u003e9. Tracking shot of area around Bank of England\u003cbr/\u003e10. Wide of Royal Exchange\u003cbr/\u003e11. People walking along street in City of London\u003cbr/\u003e12. SOUNDBITE: (English) Vox pop, Bradley Knight, worker in London:\u003cbr/\u003e\"I think we'll always be able to influence what goes on in Europe. The world's a small place now, there's no separation really between the UK and Europe so whether it's written or not written there's so much business that goes on with the European Community behind the scenes, behind the government, so no I don't think it matters at all.\"\u003cbr/\u003e13. Close up of feet\u003cbr/\u003e14. SOUNDBITE: (English) Vox pop, Anna, worker in London:\u003cbr/\u003e\"I think that it's a very difficult position because of the City of London and all the financial work that is done here, we're kind of in a different position to all the other EU countries who don't have that massive input into their economies.  And so it's a difficult tightrope because arguably being detached from Europe completely would be a very bad thing for us but I don't think the restrictions they're talking about putting on financial services are sensible for our economy.\"\u003cbr/\u003e15. Wide of Houses of Parliament silhouetted against the sky\u003cbr/\u003eOpinion in London's financial district divided on Friday, as analysts and city workers debated whether Prime Minister David Cameron's decision to veto a new EU treaty was in the best interests of the United Kingdom.\u003cbr/\u003eThe European Union said Friday that 26 of its 27 member countries are open to joining a new treaty tying their finances together to solve the euro crisis.\u003cbr/\u003eIn drafting a new treaty, the countries hope to help European nations struggling with giant debts over the long term. \u003cbr/\u003eSuch an agreement is considered necessary before the European Central Bank and other institutions commit more money to lowering the borrowing costs of heavily indebted countries like Italy and Spain.\u003cbr/\u003eWhile the deal could help save the euro, the political consequences of the rift with Britain could be enormous. \u003cbr/\u003eGermany and France had hoped to persuade all 27 EU countries to agree to change the treaty that governs their union. \u003cbr/\u003eBut Britain, which doesn't use the euro, firmly said no.\u003cbr/\u003eMujtaba Rahman, a European analyst at Eurasia Group said that Britain and its prime minister David Cameron is now in effect \"completely isolated\".\u003cbr/\u003e\"He's out in the cold and it's going to make the UK's relationship with the EU going forward much more complicated, much more precarious.\"\u003cbr/\u003eThomas Klau, head of the European Council on Foreign Relations, backed this sentiment saying that the veto was in effect a confirmation that the UK was not interested in being a part of a new Europe.\u003cbr/\u003e\"Cameron's decision, which is I believe to a certain degree a real surprise and a shock for the Europeans, consolidates the idea in the mind of a lot of people that we can't make Europe, the Europe we need today, with the involvement of the United Kingdom.\"\u003cbr/\u003eHowever Cameron has claimed that it was not in Britain's interest to sign up to a new treaty.\u003cbr/\u003eIn this he was supported by some workers in the City of London, the capital's financial district.\u003cbr/\u003e\"It's a difficult tightrope because arguably being detached from Europe completely would be a very bad thing for us but I don't think the restrictions they're talking about putting on financial services are sensible for our economy,\" said Anna, a City worker.\u003cbr/\u003eStocks and the euro climbed on the news of the new treaty, even though it offers only a long-haul solution and leaves many details still to be solved.\u003cbr/\u003eGermany and France insist that the best way to regain market trust is to beef up financial governance of the eurozone countries and their budgets.\u003cbr/\u003eBut most economists agree that won't be enough: To regain the trust of investors in the short term, they say, the eurozone needs to have enough money on hand to guarantee that countries won't default on their debts.\u003cbr/\u003e\"I think that the only solution on the table, on the basis that the bailout facility is unfunded and is therefore inappropriate to turn to for either bust banks or bust governments, is for the European Central Bank to print euros,\" said Jeremy Batstone-Carr, the head of research at Charles Stanley and Co.\u003cbr/\u003e\"Whilst treaty change may be great for the medium to longer term, I think there are issues there too, but the market needs answers and it needs them now,\" he added.\u003cbr/\u003eIn their statement, the currency union's leaders put it off until March to decide whether their rescue funds need to be able to provide more than 500 (b) billion euros (668 (b) billion US dollars) in help to struggling countries.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci 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