David Cameron has described the deal reached at the EU summit as close to the "big bazooka" he wanted to tackle the eurozone crisis.
The Prime Minister highlighted the buying of bonds for countries where interest rates were too high, the seniority of debt, and directly recapitalising banks.
There were one or two important things that took place last night in terms of eurozone action, the sorts of things we have been calling for when we talk about bazookas.
For the first time in some time we have actually seen steps taken that I think the markets will see are trying to get ahead of the game.
They need to be followed through, and I hope there won't be a lot of quibbling and worrying about 'is it too far' and the rest of it.
If they want to save their currency they have got to get on and do it and I think last night's action will help to make that happen.
Italian PM Mario Monti has won a concession from Germany over debt hours after Mario Balotelli helped Italy beat the Germans in Euro 2012.
European leaders have agreed that its banks should have direct access to EU bail out funds without adding to its government's debts.
As European leaders continue to work in to the night it is clear that there will be no big gesture here