The news from Brussels is good.
We obviously need to watch the small print and be on our guard for an fudge. But the idea of a new separate Euroland arrangement, which does not involve us, opens the way to a Swiss-type relationship with the Eurozone.
Potentially, this is very exciting.
However, this is a disaster for the Whitehall mandarins who have advised successive governments. They this week urged ministers to make a deal at far too high a price. They urged British approval in return for little more than a vague opt out on some parts of financial regulation. Yet even that was unacceptable to Merkozy.
This is a massive defeat for the Europhile Whitehall mandarinate. It opens up the scope for us to finally have a Europe policy that is made in the national interest - not just in Whitehall. Time for some new advisers, perhaps?
Sir Humphrey's defeat is Britain's gain.
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