Thus the Financial Times today. David Cameron, the conservative British prime minister, is ever closer to calling for a referendum on Britain’s place in the European Union. The banking union that is bantered about on the continent these days is not for Britain, thank you. This is reminiscent of Winston Churchill’s warm wishes when France and Germany started working toward a united Europe soon after World War II. He would have nothing to do with it, though.

Many worry that such a referendum would leave Britain isolated in what a German politician has caustically called “Greater Guernsey.” One way or another, the offshore financial center that Cameron has in mind will still have to operate in accordance with the Union’s rules. This is what Switzerland and Norway have to do, anyway. What is worse, they have no say about how the Union’s banking rules, among other things, are put together. In short, Cameron is painting himself into a corner.

Now, I understand all these dangers, but I still feel rather comfortable with the prime minister’s Churchillian goodbye. The European Union is an enormous disappointment, to say the least. It smacks of an illusion by now. As a Briton, I am ever more comfortable with the contemplated referendum. As a matter of fact, I may even cast my vote against the Union through the British embassy in Zagreb. And that surprises even me. Some twenty years ago I left America and went to Britain in part because I was enthralled by the European project!