Hold back the celebratory cupcakes (Getty)

As the FT reported this morning, the US has refused to give the Europeans the big, bold announcement on trade that they were desperately seeking.

The plan was that tomorrow’s US-EU summit would announce the beginning of negotiations to form a trade agreement between the US and Europe. But, for now, the Americans are refusing to play ball.

In Brussels, some may see this as a lamentable lack of vision. In fact, it is simply a welcome injection of some scepticism and realism. Read more