Analysis - "Little Britain" stands back as eurozone advances

"One of the most potentially damaging things is the impact on the balance of economic philosophy within the Eurogroup," said Charles Grant, director of the Centre for European Reform. "Without Britain, Sweden, Denmark or Poland, the whole thing will become more corporatist. Cameron is probably learning that he has got to work through Europe on a lot of issues, for example to reform the EU neighbourhood policy towards north Africa," Grant said. "But the risk is that you get a Britain that is half in and half out of the EU. That probably is sustainable for a while, but it would be a bad outcome because Britain would lose influence on things we should want to influence."