I think David Cameron was right not to sign us up to the new euro treaty. The new treaty is there to sort out the euro-crisis due to the debt in the euro countries and the single currency. UK is not part of the single currency and therefore is not part of the problem yet they want us to sign up to the solution which involves giving up more powers to Europe and giving them lots of money.
They wanted 200bn euros from us to help fix a problem that wasn't of our making. Also the new financial transaction tax hits the UK the most as 75% of these types of transactions are done through UK banks.
The Europeans are upset we haven't join! I am guessing they need our money and the tax generated through our banks.
I think to sign us up to the treaty would have been undemocratic as we were never part of the issues or the single currency.
Long term however, do we isolate our selves. Strategy in the Art or War talks a lot about having strategic alliances. The other European countries may cut us out the loop. The may insist on doing their financial transactions through other banks inside the euro zone.
If not part of Europe do we need to find other alliances instead!!!
Only history well tell if this is the right decision. I think it doesn't have to be a NO long term, but it needs to be debated with the UK public before jumping in without any thought. A referendum is needed on the long term relationship with Europe.