ANOTHER British triumph in Europe, then.

David Cameron has placed his virility on the table and waved his enormous veto around. So ecstatic are the Tory back benches you would think they actually won the last General Election.

So what has the Prime Minister won, exactly? He seems to think he has protected the ancient liberties of the City of London. This might be one of his bigger delusions. Does he truly believe that if a Eurozone "fiscal compact" gets off the ground its members will be happy to see London continue as the deregulated off-shore home of pirate banking?

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