For all the consternation in the City of London about what will happen to bankers’ pay, the bigger question about the bonus cap set to be included in the EU’s capital rules is what it means for the UK’s future relationship with Europe.

If a tentative compromise sticks between the European parliament and the Irish presidency of the European council, EU-based banks will have to limit bonuses to staff to a maximum percentage of their salaries. George Osborne, UK chancellor, may still push for exemptions, but the fact that he is fighting for scraps testifies to a fundamental change in Britain’s ability to get its way in Europe.

Until recently, disparaging attitudes towards Europe in UK public opinion contrasted with British leaders’ willingness and ability to work with European counterparts and secure important victories for UK interests. In particular, London could count on not being outvoted on financial regulation. This has changed with the crisis, Europe’s response of tighter and more common control of financial and economic policy, and the UK’s detachment from this process. Britain’s privileged interest in finance now commands less respect. That in turn could weigh on the promised referendum on EU membership.