What Cameron should push for in Brussels

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?
 
Taking into account the countries that themselves have received support and the need to maintain retain a ‘triple A’ rating for the rescue fund, the real amount available in the EU/IMF bail-out pot could well be something like €410bn, as opposed to the €750bn outlined on paper earlier this year.