As to Britain, the guarantees it asked for were really quite modest and reasonable, I thought. Part of the ‘City’ argument (i.e. Tobin tax) is actually a concern we share in Malta. Other requests included a guarantee that Britain could impose higher levels of regulation on its own banks than those agreed in the EU, as well as allowing the City to trade in Euros (apparently it can trade in any currency except Euros at the moment).

This is the true great British spirit embodied, as fate would have it, in the momentous decisions that historically have befallen the Tory party to make.

Britain thinks, erroneously, that its interests don’t coincide with those of the continent.

One only has to remember what happened to its manufacturing base, something Europe intends to avoid, and with Draghi and Monti in place, the balance has shifted.

It becomes preposterous today, to maintain a strategic policy based on privileged relations with a weakened US and if anything, the Eurozone has amplified this difference. The US itself is turning its back on Britain, albeit an ideological preference.

How exactly does Britain intend to create jobs? If growth is the maintenance of dole seekers, it carries burdens beyond the capacity of any coalition in power. But then, Britain always reserved a right to its own strain of power and the production of wealth.

No wonder they want to defend the city.

I don’t have to sell that argument. I’ll just print it on a giant streamer attached to my Fokker (just to rub it in) and fly over London once the UK leaves the EU.

Then I’ll let the impoverished, unemployed masses (formerly top earners in financial institutions) make up their own minds.

They’ll be clamouring to be let back in. And this time round, it won’t be a veto but unconditional surrender.

The UK needs Europe more than Europe needs the UK. Even in the one thing they’re really good at – fighting wars – they’ve always been the ones to hold back European integration.

Yes. The Tory position is that the City is being protected from Europe. Cameron maintains that Merkozy et al plan to legislate such that business will be able to be diverted from the City to mainland Europe, at heavy unbearable cost to the British economy.

The idea is that by not acquiescing to the new treaty, and thus not being subject to the proposed legislation, the City stands more of a sporting chance of survival whilst euroland inevitably disintegrates.

Undoubtedly the eurosceptics have influenced Cameron in arriving at this momentous decision. It’s a complex issue, and time alone will tell wether the right decision has been taken.

It seems to me that unfortunately, Britain’s economy isn’t doing so great either.

Yeah sure… I dare you to try selling that argument to any Briton at the moment. They all think that the British economy is self-made and that they’re the financial powerhouse of Europe, when in fact a good chunk of the mess we’re in was baked by the City.

Mula – read the whole thing again.