Europe is showing that it can act as one, in solidarity and rationally. A number of difficult steps still have to be taken before a new aid package can take shape, particularly in Athens, where work to rebuild trust is urgently needed.

However, this morning’s consensus shows the quality that transformed a divided continent into a peaceful and prosperous union in the wake of the Second World War: the ability to achieve a peaceful balance of interests and political compromise, even if it involves whole nights of wrestling, with Germany and France standing shoulder to shoulder.

If we maintain our commitment to cohesion and a willingness to compromise, holding fast to our European basic principles, we and the European Union may emerge strengthened from this crisis, as we have done in the past.