David Cameron has used Britain's veto to demolish a deal aimed at economic stability for the eurozone. It has clouded the continent's economic future with continued uncertainty and means Britain is effectively isolated in negotiations.
For many in the prime minister's party, however, the result is a triumph. Boris Johnson has said that Cameron "played a blinder" and Eurosceptics are now calling for further retreats from the European Union and its institutions.
Cameron's position has also been welcomed in the City of London where banks were fearful of further regulation and taxes. The price for that, though, is influence and respect in Brussels
Joining Jonathan Freedland to discuss all of this: financial editor Nils Pratley, columnist Martin Kettle and chief political correspondent Nick Watt.
So what does it mean for Britain's future in Europe? How does it impact on relations inside the coalition? And can Europe's economy withstand much more uncertainty?
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