What are the repercussions of David Cameron's decision for the UK not to take part in the drafting of a new fiscal pact to help stabilise the Euro?

Charles Grant, Director of the Centre for European Reform, believes Britain "is a big loser" as they have chosen to be "outside the room". Britain's influence will be "reduced" as a consequence he adds.

Allister Heath, Editor of City AM, however, disagrees and thinks that it was "a good day as it marks a fundamental change in the relationship" between Britain and the EU which is "vitaly needed".

The EU project is a "mid-20th century construct" which is "out of date" he says, adding that it is "time to change" the UK's foreign policy.

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