This summit is showing an eventual change of paradigm in the way business shall be carried within the EU. Merkozy’s proposals clash with Barroso and Van Rompuy stance on governance of the Euro area and the EU as a whole. Likewise, budgetary discipline proposals are not necessarily accompanied of more measures of solidarity for countries undergoing tough austerity measures. If a two speed Europe in economic and monetary terms will start taking shape from tonight on, where can we place each member state? What will be UK’s trade-off not to block further integration of the Euro area? Can Portugal, Italy, Ireland, Greece and Spain be sure that they would be in the core of Europe 2.0?
As heard in the Press Room and read in leaks of the draft conclusions, it seems that the leaders will for now focus on more immediate measures to appease the markets. After checking the market’s temperature, then they would move to the treaty changes envisaged in preparatory talks ahead of the Summit. The night is deemed to be long and the outcome is yet unclear. Cafebabel will explain you in detail the outcome of this crucial EU Summit.