Remember this? It was the EU summit in June, in whose immediate aftermath the widely held view was that Angela Merkel had caved in.
As the days went by it emerged that
It's important because there was a lot of mention at this European Council of that one in June.
This time, despite attempting to make it look like they had made considerable progress, leaders did little other than to restate their June commitment to a single banking supervisor for the eurozone (and whoever else wants to take part – and, by the way, that is even less certain now too).
The only decision to come out of this summit was to confirm the end-of-2012 target set by the European Commission when it got round to formally making the proposal at the start of September.
In fact, leaders even watered that down, by committing themselves merely to agreeing a "legal framework" by then, rather than full completion.
Will they have agreed on all the details by then? Will they have allayed the substantial concerns of the non-eurozone countries that want their voice heard? Will they have successfully avoided the hurdles put in by the European Parliament?
It's very doubtful.
So when it looks like Merkel has yielded to France and the rest of the southern eurozone club, by giving her consent to swift approval to the bank supervision plan, it's time to think again. The commitment to the 1 January 2013 deadline means very little.
Just what was the progress again?
Ian Wishart reports on the eurozone (crisis) for European Voice and has done so since the early days of Greece's first bail-out. He also covers other EU issues affecting business, including technology, financial services legislation, competition and the internal market. This blog brings you commentary on those topics as well as any other subject that may come into his head. Comments are encouraged below each post. Ian can be emailed at firstname.lastname@example.org and followed on Twitter.
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