Euro Summit concludes with rather thin statement, basically kicking the can down the road to Dec and the important questions down to ministers. The spirit of #Meseberg has survived damaged – coming months will show by how much.
Five takeaways:
consilium.europa.eu/media/35999/29…
(1) First things first, the summit did not deliver. Macron wanted the budget and did not get it. Merkel (and Regling) wanted a stronger ESM and did not really get it. Very unclear what the rest wanted, but given usual commitments to strengthening EMU, they did not get that either
(2) The Franco-German position clearly did not muster enough support this time around. This can be due to timing or method, due to substance (to be seen how cohesive the 12 are) or due to differences in ownership for the position. We don't know yet.
(3) But we will find out soon: After 2 years where #euco conclusions only referred to banking union, EMU at large is back on the table. Perimeter in the Centeno letter referenced in the conclusion is pretty vast (includes euro area budget, ESM reform, even debt restructuring).
(4) First thing to watch now: Will #Meseberg remain the fil rouge for the Eurogroup agenda? And will France and Germany stay on the same page? Fact that Eurogroup is in charge (i.e. @BrunoLeMaire and @OlafScholz) would rather hint at that, but not clear at all.
(5) Second thing: Heads have kicked the agenda back to the Eurogroup without any real guidance. This means Eurogroup needs to tackle political questions itself now - not normally its strong suit. Means huge challenge for Centeno to steer the process, last EG outcome not promising
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.