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Sun 11 Dec 2011 12:31 PM

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UK faces isolation as Europe pushes on with fiscal union

UK refused to join deal that agreed to boost euro zone's crisis-fighting war chest by $267bn

UK faces isolation as Europe pushes on with fiscal union
Europe secured an historic agreement to draft a new treaty for deeper economic integration in the euro zone on Friday (AFP/Getty Images)
UK faces isolation as Europe pushes on with fiscal union
(above) British prime minister David Cameron. Britain, the region's third largest economy, refused to join the other 26 countries in a fiscal union and was left isolated (AFP/Getty Images)
UK faces isolation as Europe pushes on with fiscal union
The rift, which could widen into a permanent divide between London and the continental mainland, occurred 20 years to the day after European leaders agreed to create the single currency, with UK opting to stay out. (above) Cameron and Italy prime minister Mario Monti (AFP/Getty Images)
UK faces isolation as Europe pushes on with fiscal union
France President Nicolas Sarkozy gives a press conference. A new treaty could take three months to negotiate and may require loseable referendums in countries such as Ireland (AFP/Getty Images)
UK faces isolation as Europe pushes on with fiscal union
Germany Federal Chancellor Angela Merkel addresses journalists as she arrives for the European Union summit. (AFP/Getty Images)
UK faces isolation as Europe pushes on with fiscal union
While nine non-euro-zone countries said they would join the euro zone in backing it, there were quickly notes of caution from some corners, including the Czech Republic and Hungary (AFP/Getty Images)
UK faces isolation as Europe pushes on with fiscal union
Under the new treaty plan, the leaders agreed to pursue a tougher budget discipline regime with automatic sanctions for deficit sinners in the single currency area (AFP/Getty Images)
UK faces isolation as Europe pushes on with fiscal union
Britain said it could not accept the proposed treaty amendments after failing to secure concessions for itself on financial regulation (AFP/Getty Images)
UK faces isolation as Europe pushes on with fiscal union
(From L) Finland prime minister Jyrki Katainen, France president Nicolas Sarkozy, Germany federal chancellor Angela Merkel and European Commission president Jose Manuel Barroso. (AFP/Getty Images)