Old world order

Britain has never been defined by its place on the map. Our nation’s reach and interests have always been global, not merely continental. Not so long ago, a quarter of humanity was united under our empire. Today, in empire’s place, stands the Commonwealth. This weekend, the Queen convenes the meeting of its various heads of government: a convention of friends, allies and trading partners. Unlikely as it may seem, the Commonwealth has become the model of a modern and global alliance.

The European Union, by contrast, looks more and more dated. It now appears less like a trading union than a self-help group for debt addicts. The never-ending summits are not about saving Greece, but about saving the French, Spanish and Dutch banks that foolishly loaned the Greek government €130 billion. The eurozone leaders are searching for a political solution to a simple problem: Greece is bust, and the loans won’t be repaid.