How Europe is planning to deal with a Brexit

“Any proposals that are seen to be discriminating against Poles or eastern Europeans are very problematic for Germany,” says Simon Tilford, from the Centre for European Reform.

“Germany’s relationship with Poland is no longer of secondary importance to Ms Merkel. It is arguably as important as that with Britain.”Despite lacking a diplomatic profile, Mr Osborne's reputation for sound fiscal management has won him plaudits in Brussels, and led to a warm relationship with Germany’s veteran number two.

“He’s an intellectual heavyweight, known to favour EU membership, and a cosmopolitan figure, which all helps,” says Mr Tilford.

...As the eurozone’s largest creditor, Germany's desire to shore up the euro has been catalysed by renewed existential drama over Greece.For now however, Berlin will shy away from any radical moves for fear of having to cede ground over its own red lines to the likes of the French.

“There is no agreement what would go in the treaty change,”adds Mr Tilford.

“The Germans want the fiscal compact, but the southerners want debt mutualisation and greater investment.”