Mr Cameron has to balance aims that may be irreconcilable. In the short term he must avert the collapse of the euro zone and prevent a debilitating mutiny within his own party. This could push him into letting the euro zone go its own way in order to avoid a difficult British ratification. But his longer-term interests suggest he should moderate his bidding to allow treaty change at 27 and remain at the table. Why? To preserve the single market, promote British influence and act as a promoter of economic liberalism—for the sake of Britain and Europe.

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