What price are we willing to pay?

So another EU summit ends inconclusively, with the poor old can again booted down the road.

While inconclusive in terms of its outcomes, there was a clear sense that the ground has shifted, away from the coordinated austerity-for-all pushed by Germany for the last two years, towards a more balanced approach.

Perhaps we should recall and amend the words of Churchill, substituting European for American and noting that Europeans will do the right thing only when all other alternatives are exhausted.