October 28, 2014
There are some who are tempted to let David Cameron enjoy the consequences of his latest tantrum at the European Council. But for the sake of the long-term relationship of Britain and Europe it is probably worth rescuing him. Here are the elements of the deal.
The European Commission apologises for the clumsy way in which news of the latest technical budgetary adjustments was handled last week: its excuse is the handover from Barroso II to Juncker I. The Commission also agrees to write into its rules of procedure a mechanism for raising to the political level of the college the handling of future budgetary adjustments that are unexpected or substantial.
The UK’s Office of National Statistics comes up with some marginally adjusted numbers. The Ecofin meeting on Friday 31st verifies the Commission’s figures and tweaks them if appropriate for any member state (on a proposal of the Commission).