British prime minister David Cameron outlines why he vetoed proposals for greater fiscal integration in Europe in the early hours of Friday morning:

"What is on offer isn't in Britain's interests, so I didn't agree to it.

"Of course, we want the eurozone countries to come together and solve their problems. But we should only allow that to happen inside the European Union treaties if there are proper protections for the single market and for other key British interests.

"Without those safeguards, it is better not to have a treaty within a treaty but to have those countries make their arrangements separately. That is what is now going to happen.

"Britain's interests in the European Union – keeping markets open, free trade, selling our goods and services with rules over which we have a major say – all those things are protected. They don't change.

"But this new round of integration and special powers and surrenders of sovereignty, they will be carried on outside the European Union treaty."