The summit may not have saved the euro – that was never going to happen. But it has opened the way, it seems, to a fundamental change in the EU which could have far-reaching implications for Britain.
David Cameron announced, without giving any details, that there is the prospect of a treaty change. This means that on the very day when MPs will debate whether to hold a referendum on our membership of the EU, significant developments which may legally require such a public vote could be imminent.
What is for sure is that the £87billion recapitalisation of banks announced on Saturday is only the first element of a drastic action plan that the EU must take if it is to hope to save its single currency. A full rescue package could cost an estimated £1.75trillion.
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