Many argue the euro zone's survival now depends on rapid moves towards full political and fiscal union, with a single European banking supervisor, a common deposit guarantee fund and resolution fund, a central European treasury operation and common issuance of bonds a formidably high hurdle.

WSJ: Nobel Prize for EU an Inspired Decision

In Europe, where the major problem is the worsening debt crisis that is threatening to topple governments into defaults, and banks into a financial crisis to rival that of 2008, euro-zone officials argue week after week about what they should do, but do little more than provide assurances that they will do something.

FORBES: Government May Wait For The Next Panic Before It Acts

Chancellor Merkel sees this as an important lever of control over the zone's banks, and she will argue that gives her room to manoeuvre.

BBC: Euro: Merkel gives concessions to Italy and Spain

On the other side are those who argue that the American deficit and debt are already in the red zone, and a further delay in cutting them could trigger a European-style debt crisis we cannot afford.

FORBES: The Fiscal Cliff: Three Lessons From Europe

The new administration, which was given a month by a federal judge to declare whether the government wants to change its position, has now indicated it will continue to argue that it is against its security interests to release enemy combatants in a war zone.

CNN: Obama administration keeps Bush view on Afghanistan detainees

Many people argue that Britain and America, for example, are in a better position than euro-zone members like Greece because they can depreciate their currencies.

ECONOMIST: Why are both Treasury bonds and gold performing so well?

Whitehall sources argue that Mr Cameron has already secured a written vow by the 27 leaders that euro-zone deals may not undermine an achievement dear to Tory hearts the EU's internal market, with its free movement for capital, goods, people and services (at least in theory).

ECONOMIST: Bagehot