Basically, the EU is throwing away it’s own constitution to maintain the illusion of Sovereignty a little longer. Nobody knows for exactly how long.
Cameron is throwing a wrench in the works, because the EU Constitution says if all 27 do not sign up to fiscal union, there can be no EU treaty changes. Setting up special conditions for a select group of countries, without a vote approving constitutional changes, isn’t allowed.
Of course, the usual suspects media is screaming bloody murder over this, but I think the British position is hardening.
Above all, NO REFERENDUMS! The actual people involved will never get a voice in the ending of their national sovereignty.
Actually, the German proposed financial tax ploy, very clever PR device here. German based industrial vs. UK paper backers.
A clever PR counter by the Germans might be a totally anti- Keynes proposal, of a no tax regulated-audit package.