In the meantime, the Tories risk losing their way on a crucial issue – reform of the relationship between the eurozone and non-euro EU members – if they try to use it as leverage to renegotiate the various European treaties. Britain knows that the euro’s survival requires much closer political integration, and also that London’s role as a financial center – as important for the UK as the nuclear industry is for France and the auto industry is for Germany – would be greatly damaged if the euro should fail.