Now we need a deal on our bank debt

The Yes vote on the fiscal treaty should be greeted with relief more than celebration. It was, in our view, the correct choice, because of the risks we would have run by voting No, rather than for any great merit in the treaty itself.

Its rules, implemented flexibly, could be part of Europe's future, but even the most ardent supporter of the euro would concede that the treaty, on its own, is not ...