He deserves credit for convening the G20 meeting in London, and for Britain's pioneering bank rescues and useful budgetary stimulus (in noted contrast to the Tories' proposals).
Either of these options, however, could take a long time, leaving the treaty vulnerable to a British referendum if the Conservatives gain power with Lisbon still unratified.
Other factors are institutional. German mortgage lending is a pretty conservative affair, making it hard for people to get onto the ladder without lots of cash to put down.
The State which maintained itself in unbroken continuity throughout the vicissitudes of more than a thousand years is proverbial for its conservative spirit.