A far-reaching deal that would save the euro is in the pipeline, however British Prime Minister David Cameron has threatened to veto this deal if it proves to be a threat to the capital city. The planned fiscal union includes proposals that would give the EU “intrusive control” over national budgets and it seems that there are worries among Conservative MPs that these regulations may threaten the city, or free-market rules. The summit will be held in Brussels and will be the site of the debate over Germany and France’s plans for more centralised control of eurozone members’ tax and spending decisions. Mr. Cameron will be under pressure to use this event to return powers to Britain.

At the summit, it will be decided who will sign the new treaty. France and Germany will be hoping that all 27 EU members will agree to this change, or at the very least the 17 eurozone countries. Mr. Cameron has said that he will only sign this treaty if “British safeguards” can be guaranteed and if they cannot, then he will not sign. People of Britain are likely to be very interested in the outcome of this summit, especially those who like to keep track of the country’s financial situation and visit lovemoney.com for money-saving tips. If Mr. Cameron is not satisfied by the deal offered at the summit, then Britain could prevent the euro members from using European institutions like the European Commission to enforce the proposed fiscal union.

The debate at the summit will therefore be crucial for all parties involved. The integrity of the EU could even be called into question if Paris and Berlin are forced to create government institutions outside the EU. Mr. Cameron has said that it is his job to protect the British national interest, and that this is what he will continue to do at Brussels.