The prospects of ambitious muddling through the results of an EU Summit in deep crisis mode
Janis A. Emmanouilidis
EPC Post-Summit Analysis
Brussels 07/2012
To the relief of many and to the surprise of some, the 28-29 June EU Summit, which took place in deep-crisis mode agreed, after lengthy discussions, on two immediate measures aiming to relax bond markets especially in Spain and Italy: direct bank recapitalisation and EFSF/ESM support without a full programme. In addition, EU leaders signed-off the Compact for Growth and Jobs and took first steps and agreed on a process towards a Genuine Economic and Monetary Union.
Following an analysis of the three major Summit decisions, this paper by Janis A. Emmanouilidis takes an upbeat approach arguing, however, that many questions, doubts and uncertainties remain. He concludes that the European Union (EU) will probably be in crisis mode for years to come, and that ambitious muddling through will most likely remain the EUs dominant mantra on an inevitable, but uncertain and long journey towards a higher level of economic, fiscal and political integration.
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