What Cameron should push for in Brussels
From our UK edition
As David Cameron stays in Brussels for his third European summit as PM, it’s becoming increasingly clear that the EU's approach to the eurozone crisis – put up short-term cash and pray – isn’t convincing anyone. On Wednesday, Moody’s threatened to downgrade Spanish government bonds another notch, citing the fact that, between them, the country’s government and banks have to raise €290bn next year to keep the party going. And, across the eurozone, banks and governments face daunting refinancing targets in 2011, which begs the questions: at what cost? And what happens if they fail to meet them?