A German journalist, writing in Der Spiegel, spells it out:
The euro crisis has exposed a kind of creative momentum that is in the process of creating something new. A new Europe. It is an entity which Chancellor Angela Merkel calls a "fiscal union." But in reality, Europe is on the path toward becoming a federal country. Germany and France would lead, as became clear on Thursday night in Brussels.
What Herr Nellas really means, is that Germany will lead (France is mentioned as "co-leader" only to make it look that Germany is not the sole leader).
And looking at the world from the viewpoint of the new and mighty "great power", there is not much room for minor countries like the UK:
Europe, though, can work fine without the British. But what kind of future does Great Britain have without the Continent and without the euro? Will it, in the future, focus exclusively on its alliance with the United States? Will the Commonwealth become a greater priority? What is this small country's role in a world made up great powers such as China, Russia, Europe and the US?
Of course it would be nice if the peoples of the EU membes states would be given a chance to say whether they want to be part of this new "great power". But that is apparently not part of of the script.
It no surprise that Timothy Garton Ash, Professor of European Studies, Isaiah Berlin Professorial Fellow and Honorary Chair of the European Studies Centre at Oxford, welcomes a Europe led by Germany:
Welcome to a German Europe. In return, there are more funds for bailouts and at least a hint that the European Central Bank (ECB) will intervene more actively in the markets. Germany picks up the tab. On paper, that adds up to a big step towards a fiscal and transfer union for the current members of the eurozone, and eight others committed to join it in future. It's a step from the confederal towards the federal.
Consequently, the professor thinks that Cameron´s decision is bad for Britain:
Cameron's "no" is not just a fateful moment for these islands. It's a bad moment for Europe.
Yes, another - more wellknown - German shared Herr Nellas´s view on small states:
"The day of small States is past. . .