You could say that 2011 started well for the euro with the admission of Estonia on 1 January, bringing the number of members to 17. Confidence was high and EU ministers were optimistic that Ireland would be the final European country to ask for a bailout.
Britain may have wielded its first ever veto in defence of the financial institutions in the City of London last week but an even bigger national, indeed universal interest, was also at stake: the very concept of parliamentary democracy itself.
A politician needs voters to elect him - not business - and most voters are not in love with Europe. Cameron may have calculated the euro cannot be salvaged and - in time - he will be seen to have forced Europe to change course.