The distance separating Britain’s perceptions of the European Union from those of its Continental partners is so vast that the English Channel might as well be the Pacific Ocean.  This was my first thought when I read not just David Cameron’s speech on what steps a future Conservative government would take to limit EU involvement in British affairs, but also the way the speech was reported and the reactions on each side of the Channel.

The Financial Times story, for instance, said Cameron’s speech set out “a very limited programme for European reform” – an interpretation which would raise howls of laughter across much of Europe, where the Conservative leader’s proposals are not viewed as “very limited” and are most definitely not seen as an effort at “reform”.

The view in Conservative circles seems to be that the rest of Europe should thank Cameron for not backing calls from his party’s anti-European fundamentalist elements for a referendum on the EU’s Lisbon treaty (which will be in force if and when the Tories take office), and for swearing that he is not itching for a “Euro-bust-up” if he becomes prime minister.  All this, we are asked to believe, amounts to level-headed, practical statesmanship in the grand Tory tradition.

In mainland Europe it is seen as nothing of the sort.  Elmar Brok, the German Christian Democrat and foreign affairs expert, pointed out that the changes Cameron wants to the UK’s status in the EU could not just be granted with the wave of a wand.  All other 26 member-states would have to agree, and if there were the slightest risk that this might mean reopening the Lisbon treaty, the reaction in France, Germany and many other countries would be negative in the extreme.  But even if it didn’t mean that, the general view would be that the Tories were dragging the EU back into institutional arguments that have inflicted tremendous damage over the past decade on the bloc’s reputation, self-confidence and ability to focus on the policy issues that matter.

Part of the problem arises, of course, from the ease with which Czech President Vaclav Klaus got his exemption from the Lisbon treaty’s Charter of Fundamental Rights.  Less than a month after he made his demand, putting forward the ridiculous argument that Czech property owners would otherwise be under threat from revanchist Sudeten Germans, the other EU leaders rolled over and gave him everything he asked for.  No wonder Cameron and company think they can extract concessions from the rest of Europe.

Ireland, too, negotiated an elaborate text defining specific, untouchable areas of national sovereignty between its two referendums on the Lisbon treaty.  “Why not us?” think the Tories.

In the end, the Tories may get much of they want – but there will be one potential “nuclear option” at play in the future that has been absent during previous such European dramas.  This is the Lisbon treaty’s “exit clause”, under which a country can negotiate its withdrawal from the EU for good.  Let’s be clear: a country cannot be kicked out, and the EU’s emphasis on consensus and its family atmospherics make this a rather unlikely outcome.

But if Cameron – or, more likely, William Hague, his Rottweiler foreign secretary – causes the relationship to deteriorate too much, then it is certain that calls will mount in mainland Europe for the UK’s departure from the EU.  And, of course, there will be many in the Tory party – and the UK Independence party and elsewhere – who will say, “You know what? Why not?”