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'No movement' in Cameron's pre-EU summit meeting Britain stays out of EU financial crisis deal
(about 2 hours later)
  
A 45-minute meeting between David Cameron, the French president and the German chancellor before the crucial EU summit broke up without agreement. David Cameron has refused to join an EU financial crisis accord after 10 hours of negotiations in Brussels.
Efforts to reach an accord of all 27 member states have been abandoned but will continue with the 17 eurozone members and six others.
Mr Cameron said it was not in Britain's interest "so I didn't sign up to it".
But the French president said his "unacceptable" demands for exemptions over financial services blocked the chance of a full treaty.
"It wasn't possible, given the position of our British friends," Nicolas Sarkozy said.
Mr Sarkozy said the eurozone countries would sign an intergovernmental accord aimed at stabilising the currency in the face of the debt crisis, plus any other EU members that wanted to join.
Speaking in a press conference following the meeting he said: "The countries that have remained outside are Hungary and Britain, and the countries that have to consult with their parliaments are the Czechs and the Swedes."
Mr Sarkozy said the exemptions Britain proposed were unacceptable because a lack of sufficient regulation had caused the current problems.
The head of the European Central Bank, Mario Draghi, said the accord would lead to much more discipline in economic policy.
Good deal
A 45-minute meeting between David Cameron, the French president and the German chancellor earlier broke up without agreement.
Sources say there was "no movement" with each side setting out their respective positions.Sources say there was "no movement" with each side setting out their respective positions.
The prime minister had said he has two aims: stability for the euro and protecting Britain's interests.The prime minister had said he has two aims: stability for the euro and protecting Britain's interests.
Reports claim Britain's stand has ruled out hopes of a new treaty involving all 27 EU states.
Reuters news agency quoted diplomats as saying Britain demanded concessions that Germany and France were not willing to grant.
Talks are now expected on an agreement covering only the 17 countries that use the euro, the news agency claimed.
Speaking before the summit, Mr Cameron he said he would have "no hesitation" in vetoing a proposed new European Union treaty if it did not offer a "good deal" for the UK.Speaking before the summit, Mr Cameron he said he would have "no hesitation" in vetoing a proposed new European Union treaty if it did not offer a "good deal" for the UK.
Some senior Conservatives say any big changes should go to a UK referendum.Some senior Conservatives say any big changes should go to a UK referendum.
Others want the prime minister to do more to reshape the UK's relationship with the EU by taking back specific powers.Others want the prime minister to do more to reshape the UK's relationship with the EU by taking back specific powers.
Exact a price
France and Germany want a new EU treaty enshrining stricter fiscal rules for the 17 member states that use the euro.France and Germany want a new EU treaty enshrining stricter fiscal rules for the 17 member states that use the euro.
Mr Sarkozy and Mrs Merkel have called for much closer co-operation among eurozone members, including budgetary oversight, common corporation and financial transaction taxes.Mr Sarkozy and Mrs Merkel have called for much closer co-operation among eurozone members, including budgetary oversight, common corporation and financial transaction taxes.
Mr Cameron has said he will exact "a price" for UK support for any treaty change which requires the support of all 27 EU members and wants safeguards on financial regulation and for the single market, in the event of closer fiscal integration in the eurozone. Mr Cameron had said he would exact "a price" for UK support for any treaty change which requires the support of all 27 EU members and wants safeguards on financial regulation and for the single market, in the event of closer fiscal integration in the eurozone.
Good deal
Britain has been critical of suggestions of EU-wide financial controls which might affect the City of London.Britain has been critical of suggestions of EU-wide financial controls which might affect the City of London.
"In return for the treaty that they want - to sort out the problems of the eurozone - I want to make sure we get a good deal for Britain, we keep our markets open and we have the power here in the UK to make sure that our top industries are properly promoted and enhanced," Mr Cameron said earlier."In return for the treaty that they want - to sort out the problems of the eurozone - I want to make sure we get a good deal for Britain, we keep our markets open and we have the power here in the UK to make sure that our top industries are properly promoted and enhanced," Mr Cameron said earlier.
Sources will not confirm whether or not he will ask for a de facto veto on future regulations.
The prime minister acknowledged the negotiations would not be easy: "Sometimes it is like playing chess against 26 different people rather than just one person, and I am not very good at chess anyway. But I will be doing my best for Britain and I hope if we get a good deal, that will be good for Britain."
But he warned: "If I can't get what I want, I will have no hesitation in vetoing a treaty at 27 [that is, involving all 27 EU members] because I am not going to go to Brussels and not stand up for our country."