ECONOMIC GOVERNANCE

Greater integration, but at what price?

By Simon Taylor - 03.11.2011 / 04:49 CET

Tighter rules and more eurozone summits.

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Eurozone sets out stark choice for Greek voters

A meeting of European Union leaders that had been convened next week to discuss ways of promoting economic growth is shaping up instead to be a crisis summit on Greece.

Deadlocked Greece casts cloud on euro

Political uncertainty jeopardises Greece's ability to receive further instalments of international loans.

An EU-friendly French government?

Foreign Minister Laurent Fabius and European Minister Bernard Cazeneuve campaigned against EU constitution.

EXPLORING TREATY CHANGE Herman Van Rompuy, the president of the European Council. COUNCIL

Fact file

At the top table

Charles Dallara , the managing director of the Institute of International Finance (IIF), who was representing banks and financial institutions in the negotiations on the Greek debt reduction, emerged as a pivotal figure during the summit.

Dallara has been managing director of the IIF since July 1993. Before that, he spent two years in the private sector as a managing director at US investment bank J.P. Morgan. He was in charge of the bank's commercial banking business in eastern Europe, the former Soviet Union, the Middle East, Africa and India.

Dallara spent the late 1970s and early 1980s working for the US Treasury. He was the executive director for the US at the International Monetary Fund from 1984-89. In May 1989, he was appointed assistant secretary of the US Treasury for international affairs, a post he held until he joined J.P. Morgan.

Strengthening eurozone governance

Eurozone leaders to meet regularly (at least twice a year), when possible after European Councils.

Non-euro member states to be kept “closely informed of the preparations and outcome of summits”.

The chairmanship of the Eurozone Council to be decided by the leaders of the eurozone countries at the same time that the president of the European Council is chosen by the leaders of all 27 member states. Until the next appointment, in June 2012, the current president of the European Council, Herman Van Rompuy, will chair meetings of eurozone leaders.

Decision to be taken when current president's mandate expires on whether the Eurogroup president, who chairs meetings of the eurozone finance ministers, is chosen from the Eurogroup members or is a full-time president based in Brussels.

Presidents of the Eurozone Council, European Commission and Eurogroup to meet at least once a month.

Eurogroup working group to have a full-time, Brussels-based president.

Administrative structures of the Council's general-secretariat and the economic and finance committee secretariat to be strengthened.

Presidents of the Eurozone Council, European Commission and Eurogroup to draw up a report on steps to strengthen eurozone governance, including the possibility of treaty change.

Report on how to implement agreed measures to be prepared by March 2012.