All the talk before today’s early morning brinkmanship was whether our prime minister would win concessions from his European partners, or whack them over the head with his veto. In the end he did neither.

Cameron didn’t arrive at the wife-swapping party without a wife. Instead, he chose to spend the evening with the crossword and a warm cup of cocoa.  What those frisky continentals wanted to get up to was a matter for them. Just so long as they kept the noise down.

Watching nervously from behind a twitching curtain is Ed Miliband. Labour believed they had David Cameron trapped between a rock and a bunch of anti-European head cases. That’s why over the past couple of months Douglas Alexander and Ed Balls have been carefully diluting their party’s instinctive internationalism and replacing it with some hard-headed euro pragmatism.

The strategy was to get to a place where Labour could have its cake and eat it. If Cameron had returned from the summit with too few concessions Labour had the space to condemn an ineffective defence of British interests and attack from the right. If he came back with too many he would have found himself assailed for caving in to his backbenchers and ripping up vital social protection.  

As things stand, Labour is in a bind. “We’ve got to be careful,” said a party insider. “We’ve obviously got to point out Cameron has left Britain dangerously isolated, which he has. But we can’t run around saying we’d have signed the treaty. That would just play into his hands and strengthen his position”.

Despite this, Labour believes the past week has again exposed the Tory fault lines on Europe. “The eurosceptics aren’t going to go away. And in fact it’s still not clear whether Cameron did enough to placate them over the short term. It’ll be interesting to see how many of them pat him on the back when he delivers his statement on Monday.”

The warmth of that welcome will also be influenced by the complexities of the prime minister’s relationship with his euro rebels. Actually, it’s not that complicated. They can’t stand each other. “There are about 30 to 40 die-hards who wouldn’t throw a bucket of water over Cameron if he was on fire,” said one Tory party source.  

But to an extent, Labour is whistling past the graveyard. Whatever the response of the ‘usual euro suspects’, Cameron has certainly done enough to win over the vast majority of his parliamentary party. And tomorrow’s headlines, and photoshopped images of the prime minister with cigar and victory V-sign, will further boost his standing.

In contrast, this could be the moment Ed Miliband’s luck finally ran out. Earlier in the year the storm clouds gathering over his leadership were chased away by the phone-hacking scandal, and his deft response to it. Some had been hoping an eruption of Tory infighting over Europe could provide similar respite. Not this time.  “We blew it,” said one MP. “We should have gone for an in/out referendum earlier in the year. That was Ed’s chance.”

Monday’s statement on the euro summit was being built up as the most difficult of David Cameron’s political career. Now, if anything, the pressure is about to shift the other way. “What’s going to happen?" said a Labour backbencher. "Is it going to be like the strikes? We need a clear line. To be honest, I don’t care what it is. We just need a simple answer. Would we have signed up to the treaty or not?”

Coming off the back of the strikes, where Labour’s leader was seen not so much to sit on the fence as be jumping from one side to the other, it is vital for him to be seen to have a clear position. Very few voters will understand the minutiae of the new draft treaty. But they will understand that David Cameron stood alone amongst the 26 other member states.

Politically, this is no longer about Europe. It’s now about leadership.

Tags: David Cameron, Ed Miliband, Eurozone, Tory eurosceptics