It is true, that were they the only reason to use the veto, I would have done it, however a better reason is that the deal on the table, whether it involved us or not, was wrong for the following reasons:
- It does nothing to actually address the Euro's sovereign debt crisis, which was the purpose of the summit. Crucially there is no stated mechanism for the ECB to become the lender of last resort.
- It proposes a set of rules that Euro members promised to keep to last time, and most did not but the Euro countries promise to be really good from now on. It's not credible.
- The rules allow a country to run up it's debt to GDP ratio in good times as well as bad, creating an automatic structural deficit if a recession hits. (Gordon Brown would have met those rules.)
- It has too little flexibility in the event of an actual recession for those countries who have behaved well to borrow what they need to as a recession hits.