Steps but no roadmap towards GEMU – the results of a disappointing summit – Post-Summit Analysis

The 13-14 December European Council was disappointing as it failed to live up to the expectations raised and the objectives set earlier in the year. EU leaders were not able to agree on a long-term and ambitious roadmap towards the completion of EMU. The EU 27 rather gave the impression that they could take advantage of the relative calm in the markets and take a breather. But this Post-summit Analysis by Janis A. Emmanouilidis argues that the euro zone is still far away from reaching the comfort zone and that complacency could undermine the regained confidence in the euro and the future of the EU. The December Summit has shown that progress towards a ‘genuine EMU’ will not be possible without a rapprochement between Germany and France; but there is a good chance that the political preconditions for reconciliation between Berlin and Paris will be more promising after German federal elections in September 2013.