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Even a majority of Germans are now anti-EU, and a third want the deutschmark back.

Cameron and the sceptics therefore need to be constructive to be plausible. They need to argue for a European Bretton Woods, to write off bad debts and recalibrate regional economies by returning to revalued regional currencies. They need to propose European institutions that respect national politics and character, not just grab more power to the centre. There needs to be a sceptics' vision of Europe.Closer European union was an answer to war. After that it offered an answer to communist dictatorship. In both it could claim success. Finally, at Maastricht in 1992, it flew too near the sun. It pretended that one currency traded within a single politico-economic space could overcome economic diversity and yield a common wealth. It overreached itself. In refusing to recognise this failure, Barroso and his colleagues now risk jeopardising even Europe's earlier successes.

Other crisis countries in the eurozone have not been stabilized, because Germany – fearing a domestic political backlash – has not dared to embrace a community of liability by issuing Eurobonds, even if the European Financial Stability Facility’s new role means that virtually 90% of the path has already been traveled

The agreement at the most recent European Council will be more expensive, both politically and financially. Despite doubling financial aid and lowering interest rates, the agreement will neither end the Greek debt crisis and that of other countries on the European periphery, nor stop the EU’s associated existential crisis. It will only buy time – and at a high cost. Further aid packages for Greece may seem impossible to avoid, because the losses imposed on Greek debt holders have been too modest.

Had the European Council’s heads of state and government taken this foreseeable decision a year ago, the euro crisis would not have escalated to the extent that it has, the total bill would have been lower, and European leaders would have been rightly praised for a historic feat.

the bail-in of private investors, much applauded in Germany, is of secondary importance, and is intended only for the German public and the MPs of the country’s government coalition; indeed, upon close inspection, it turns out that banks and insurance companies have made a decent profit. Their losses will remain minimal.

the single currency’s collapse was avoided, and French President Nicolas Sarkozy was right to laud the establishment of a “European Monetary Fund” as a real achievement. But this bold move has huge political consequences that have to be explained to the public, because the move toward establishing such a fund – and, with it, a European economic government – amounts to an EU political revolution in three acts.

the two-speed Union, which has been a reality since the first rounds of enlargement, will divide into a vanguard (euro group) and a rearguard (the rest of the 27 EU members). This formalized division will fundamentally change the EU’s internal architecture. Under the umbrella of the enlarged EU, the old dividing lines between a German/French-led European Economic Community and a British/Scandinavian-led European Free Trade Association re-emerge. From now on, the euro states will determine the EU’s fate more than ever, owing to their common interests.

this jump into a monetary fund and economic government will lead to further massive losses of sovereignty for the member states, in favor of a European federal solution. For example, within the monetary union, national budget laws will be subject to a European supervisory body.

If the euro is to survive, genuine integration, with further transfers of sovereignty to the European level, will be unavoidable. This historic step cannot be taken through the bureaucratic backdoor, but only in the bright light of democratic politics. The EU’s further federalization enforces its further democratization.

Across Europe the old pro-EU consensus is evaporating.

The latest Euro-barometer of public opinion shows for the first time that overall distrust of the EU outstrips trust, predominantly so in Britain, Germany and France. Polls show ever fewer countries regarding membership as a good thing, with opposition strongest the farther north we go. It is ominous that the politics of euroscepticism is fusing along old historical lines. When the EU was a sound trading union it was backed in Protestant northern Europe. As it slid into institutional orthodoxy and heavy cross-border transfers, its appeal shifted to the Counter-Reformation south. The high-flown language of Valéry Giscard d'Estaing's first draft of the Lisbon treaty was that of a papal encyclical.

The attempt to impose fiscal union on all Europe will bring its demise.