For the past 30 years, going back well before the Maastricht treaty, successive British governments have sought to maintain influence in Brussels while steering clear of some of the European Union’s signature projects, notably the single currency.

The crisis in the eurozone has laid bare the contradictions in this policy. As the single currency’s woes have deepened, British ministers have found themselves pulled in two directions. Terrified by the consequences of the euro’s failure, they have urged fiscal union on the eurozone as a means of shoring up the currency. George Osborne, the chancellor of the exchequer, has even talked about the “remorseless logic” of tighter integration. But those same ministers have deprecated the idea that this would have consequences for Britain. The message has been: “do what you must but leave us out”.

Public disenchantment with the EU has spurred the British government to ratchet up its demands. Not only has opposition on the Tory benches hardened against any further transfer of powers, but calls have intensified to claw some back. In recent weeks, David Cameron has been egged on to demand a price – in repatriated powers – for nodding through any change in the EU treaties that a eurozone rescue might require.