Et voici ce que M Cameron a d’ores et déjà obtenu en février 2016:

• Immigration et libre circulation des Européens : David Cameron a obtenu de pouvoir limiter certaines aides sociales pour les nouveaux migrants issus de l’UE selon une clause de sauvegarde de sept ans et une échelle graduelle ;
• Le marché unique : Afin d’achever la construction du marché unique, le Royaume-Uni souhaite d’une part que la libre circulation des capitaux soit perfectionnée, et d’autre part que la réglementation européenne pèse moins sur les entreprises ;
• La monnaie : le Premier ministre a obtenu que l’euro ne soit plus considérée comme la monnaie unique de l’UE, mais le vocabulaire du texte reste vague sur ce point. Dès lors que l’UE aurait plus d’une monnaie, toute politique décidée par les États membres de la zone euro ne serait qu’une option pour les autres États ;
• La souveraineté : Pour éviter de se diriger vers une union politique, David Cameron a obtenu que soit ôtée des traités fondateurs la mention sur une « Union sans cesse plus étroite » si l’opportunité de revoir les traités se présente. Il souhaite aussi un renforcement des pouvoirs de contrôle des parlements nationaux.

The move comes as the debt crisis in the eurozone has raised questions among some eurosceptic politicians about integration of the UK’s financial system with the region.

The project, known as Target2Securities (T2S), envisages the creation of a single platform for cross-border and domestic securities settlement against central bank money by 2013.

Settlement is the exchange of cash for securities and is an essential underpinning of securities trading, especially for stock exchanges. T2S would affect the 15 nationally based central securities depositories, which settle trades but also perform custody functions such as the safekeeping of securities.

Given that Britain is the largest single securities market in Europe, its non involvement in T2S would likely make it more expensive to implement, industry experts have said.

The UK could also suffer. One settlement industry executive said: “The UK potentially loses out on the benefit of any future reductions in settlement costs. However, at the moment there are no cost savings. It’s all about investing in joining.”

T2S is part of a wider European project to harmonise cross-border processes and reduce capital market transaction costs to make the region more competitive with the US, where post-trade processes such as clearing and settlement are cheaper.

The Bank of England had recently decided not to take part in T2S, two people familiar with the decision said. The bank declined to comment.

As early as 2009, the bank gave a lukewarm response to joining T2S, saying that, while it recognised its possible benefits in helping to create a single market in euro-denominated securities, it objected to the project on the grounds of corporate governance and cost.

Lynton Jones, chairman of Bourse Consult, a consultancy, said the decision was disappointing given the many investment banks based in London that would have to be involved on account of their pan-European trading activities.

“It may be inevitable that the bank is not participating, but it’s not going to relieve UK-based banks from participating in the scheme. Some of them might find it a pity that there is not a Bank of England representation in the governance of it,” he said.

http://www.ft.com/tradingroom