The Israel-Palestine conflict is often used as an example to illustrate the shortcomings of International Law and denounce it as a tool of the powerful. The powerful Jewish lobby in the US recommended a stance, which is upheld by the US government and is parroted by its allies across the world. The US has always used its veto in UN Security Council to not only block any condemnation of Israel, but to stall any concrete two-state solution, and to prevent Palestine from achieving a contributing status in realm of global policymaking. This unconditional use of the veto has is perceived as the victory of ‘real politick’ over principle, and the recent events don’t do much to shake that belief.
A draft resolution, submitted by Jordan on behalf of Palestine calls for a peace deal which calls for a accord within a year, restoration of the pre-1967 war borders and “Jerusalem as the shared capital of the two”. The resolution has been written off as a “gimmick” by Israel and US has immediately stated that it cannot accept this. While it looks like the Arab-Palestine conflict is back to square one there is one important difference, the international community, including the previous staunch allies of Israel, are not falling in line.  
The French assembly recently passed a resolution accepting “Palestine as a state in principle”. Similar resolutions have been passed by the UK and Sweden, amongst other European nations. The European Parliament, an institution of the EU, recently passed a bill recognising Palestine by a heavy majority, and to a standing ovation. While these symbolic gestures mean little for the Palestinian on the ground, they do matter in the larger scheme of things. The Montevideo Convention of 1933, which lays down the prerequisites of a nation state, amongst others, requires recognition by other nation states as one of the conditions. On a larger political level, this may signal a shift in the way the world perceives this conflict. While these are still early stages, it is possible that the international community might be able to bring its political pressure to bear on Israel and write off one of its biggest and most embarrassing failures.