"Financial markets have become more sanguine than a year ago, but the underlying problems of the euro zone haven't been fixed," said Simon Tilford, chief economist at the CER, a London-based think tank.
Charles Grant, director of the CER, is certainly right when he says that EU negotiators have a poor record using their leverage as China's main trading partner in getting China "to do what they want", especially opening up its own markets to EU firms and combating intellectual property theft.
It’s also symbolically disconcerting for the identity of Europe. Hugo Brady of the CER, says that the breakdown is one of the biggest challenges the union faces today."If there isn't a France-German alliance, it’s the end of the Europe we’ve known for 50 years.”
"It’s pretty shocking data," said Simon Tilford, economist at the CER, a think tank. "The figures for Italy, Spain and France are very worrying ... There’s a very, very strong case for aggressive monetary relaxation across the eurozone now."
Cameron has deliberately fudged what he means, special UK optouts or universal reforms for all: on Thursday he spoke of both. Germany's Angela Merkel seems somewhat receptive, according to Charles Grant of the Centre for European Reform.