With Tony Blair enjoying cross-party support for his EU negotiating position and an abundance of newspaper articles suggesting Britain's time in Europe has come, you could be forgiven for thinking the "crisis" the Luxembourg prime minister spoke of was more of a problem across the Channel than in Downing Street.
While the prime minister is fighting Jacques Chirac in Brussels (and apparently winning) few can see much cause for concern. Add this to the historical quirk that saw the break-up of the Brussels summit coincide with the 190th anniversary of Napoleon's defeat at nearby Waterloo and the moment is almost too sweet for some commentators.
"The same fate now beckons the latter-day Napoleons of the European Union," writes Simon Jenkins in the Sunday Times, arguing it could be Mr Blair's legacy "to lead Europe to a new trading framework and the limited political institutions needed to police it".
Elsewhere, the sense of opportunity abounds. Digby Jones, head of the CBI, spies the chance of "openness and transparency at the heart of every EU institution". Jack Straw, the foreign secretary Mr Blair is rumoured to have called a tart, has spoken of crises that "can turn into cathartic opportunities ... from which greater good comes".
Mr Blair, for his part, looks ready for more battles. He told MPs today he rejected the proposed budget because "Europe's credibility demands the right deal" and is expected to tell the European parliament this week how economic liberalism and the channelling of farm subsidies into hi-tech initiatives do not necessarily mean an end to European social protection.
But, outside these channels, doubts are emerging that Mr Blair is strong enough to take his six-month EU presidency in the direction he wants it. The Wall Street Journal Europe (subscription required) led today's edition with a story suggesting the British rejection of the EU budget has undermined Mr Blair's scope to act as an "honest broker" as he tries to make a case for economic reform. An op-ed piece in the Financial Times (subscription required) wonders if Mr Blair's opposition to freezing the rebate was worth the £1.7bn it has saved the treasury if, as Wolfgang Munchau puts it, Britain therefore sacrifices further enlargement and its alliances with the new east and central European members (who would have benefited from the budget) for a "paltry" sum and "a few cheers from the tabloid press".
A leader column in today's Guardian characterises Mr Blair's refusal to compromise on the rebate as a "gamble". He has the six months of the UK presidency from July 1 to see if he can make it pay off.
