Dec. 9 (Bloomberg) -- The U.K.’s decision to remain outside an agreement by European nations to tighten budget rules is “not good” for Britain or for Europe, Luxembourg Prime Minister Jean-Claude Juncker said.
British Prime Minister David Cameron’s decision was “not good for his country and not good for Europe,” Juncker told reporters after a summit of European Union leaders in Brussels today. “The U.K. is a big country, but long-term it’s too small to continue a policy of isolation.”
While expressing “disappointment” with that development, Juncker said the leaders took several “important decisions” at the summit.
“I’m not unsatisfied because we managed to take a number of important decisions,” Juncker told reporters after the meeting. “I believe we made significant progress by making sanctions more automatic.”
“We ensured that the permanent crisis mechanism always and under all circumstances has 500 billion euros at its disposal,” he said.
Juncker also cited the leaders’ agreement to boost the International Monetary Fund’s resources to help fight the European debt crisis by making bilateral loans to the IMF of as much as 200 billion euros ($267 billion).
“We decided here today that we will bring about 200 billion ourselves,” Juncker said. “I suppose that other countries will participate out of solidarity as well.”
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