''THE British government has no intention of walking out of the European Union. But Britain could end up falling out. The recent, testy summit in Brussels, at which David Cameron blocked a new EU treaty after failing to obtain veto powers over future financial regulation, points to ways in which that might happen.
Bagehot’s gloom is not universally shared, it should be conceded. The sophisticated view around Westminster is that Mr Cameron’s decision to say no to a new EU treaty was not such a big deal. This reasoning is buttressed by clever arguments.
Britain, it is said, may have looked isolated after some two dozen countries signed up to the latest half-baked wheeze to save the euro. But isolation is not a worry when you are right. The deal that Mr Cameron blocked—a German scheme to starve the euro zone to health, bolted onto a French plot to marginalise Britain and..'' THE ECONOMIST
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