A Euro Summit that went wellPosted: June 29, 2012
After a lot of wasting time on all sides, the last summit seems to have pulled everyone together a bit more.
Merkel seems to be the loser here, as Italy and Spain blocked certain pacts before they were given emergency measures to recapitalise banks. something that some foreign newspapers called blackmail.
Hollande benefited from Italy and Spain’s block, “I said during the presidential campaign that I wanted to renegotiate the fiscal pact to add growth and stability measures and a medium-term vision. This summit has enabled us to achieve that” (quoted after the talks). Forming commitments with Southern member states, meeting German opposition leaders, and openly contradicting the German chancellor seems to have paid off then.