Category: Eurozone crisis

Cutting off the patient to save the limb?

The UK will go its own way from the rest of Europe. The Financial Times story is here. Of course, the UK has always been outside the Eurozone, but today’s news feels qualitatively different. The word of course is that David Cameron did this to please his Tory friends in London’s City financial district. Whatever the reason, it strikes me as not particularly good news for those of us hoping for something that will stabilize the markets.

Reuter’s story is here. Money quote:

Cameron’s decision to stay out of the treaty-change camp could spell problems for Britain. Deeper integration on the continent could involve changes to the single market and financial regulation, both of which could have a profound impact on the British economy.
“Cameron was clumsy in his manoeuvring,” a senior EU diplomat said. It may be possible that Britain will shift its position in the days ahead if it discovers that isolation really is not a viable course of action, diplomats said.

The difficulties of the Eurozone…

The current challenges in the Eurozone have the potential to reach far out into global science, certainly beyond Greece and even beyond the EU. The reason is simple: Europe plays a central role in many “big science” initiatives (the obvious ones of course in particle physics and astronomy). But the EU also supports an enormous amount of very high caliber research in the life sciences through its Framework funding initiatives.

Above and beyond the funding of science, there’s also a critical mass of top notch scientists in Europe and the tendrils of their collaborations reach around the globe.

So we wish our colleagues across the Atlantic the best. All of science has a vested interest in the current Eurozone crisis being resolved positively and promptly.