At the European crisis summit in December, David Cameron was snubbed by his European colleagues. His "veto" on accepting treaty changes believed by other members to be necessary to save European economies left Britain isolated.
All the other 26 countries were prepared to enter into negotiations leading to stronger budgetary controls in member states. Cameron exercised his veto because he said he could not obtain undertakings that the interests of financial institutions in the City of London would be adequately protected.
His veto was loudly acclaimed by Euro-skeptics in his Conservative Party, but was criticized not only by the opposition Labour Party but also by his coalition partners in the Liberal Democratic Party.