European Council, Brussels, 28-29 June 2012: Preview: EU could rewrite eurozone budgets

Author (Person)
Series Title
Series Details 26.6.12
Publication Date 26/06/2012
Content Type

Articles and features preview the issues discussed at the European Council, Brussels, 28 - 29 June 2012.

In particular, many of the features discuss draft versions of a paper to be submitted by Herman Van Rompuy, European Council President, José Manuel Barroso, European Commission President, Mario Draghi, European Central Bank President, and Jean-Claude Juncker, Chair of the eurogroup of eurozone finance ministers.

The paper 'Towards a genuine Economic and Monetary Union' (made publicly available on the 26 June 2012) was in response to a recognition from eurozone leaders in May 2012 that the economic union had to be strengthened in order to make it commensurate with the monetary union in the eurozone.

Separately, EurActiv reported that EU leaders would adopt a ‘Compact for Growth and Jobs’ at the summit, stressing the importance of restoring economic growth in Europe.

Various sources reported on the 27 June 2012 that German Chancellor Angela Merkel had come out stronger than ever against euro-zone debt sharing, telling a group of FDP parliamentarians the previous day that there would be no euro bonds 'as long as I live'. Her tough stance guaranteed conflict with Italian Prime Minister Mario Monti and others at the summit.

Related Links
EurActiv, 26.6.12: EU leaders set to adopt Growth Compact
Council of the European Union: Towards a genuine Economic and Monetary Union. Report by President of the European Council Herman Van Rompuy, June 2012 (PRES/12/296)
EurActiv, 26.6.12: Barroso lays ground for future EU treaty change
European Commission: RAPID: SPEECH/12/494: Speech by President Barroso ahead of the European Council: Moving Europe Forward
BBC News, 26.6.12: EU unveils its vision for the future of monetary union
Deutsche Welle, 26.6.12: EU top dogs say they must have teeth,,16051421,00.html
EUObserver, 26.6.12: EU hopes for 'big leap' with fiscal, political union plan
EUObserver, 27.6.12: Germany stays tough on eurobonds, opens up on Spain
EurActiv, 27.6.12: Merkel on eurobonds: 'Not in my lifetime'
Spiegel Online International, 27.6.12: Merkel Vows 'No Euro Bonds as Long as I Live'
Spiegel Online International, 26.6.12: Euro Crisis Threatens European Way of Life
France24, 27.6.12: Merkel rejects debt-pooling proposal ahead of EU talks
EUObserver, 27.6.12: Germany sets tone for 'controversial' summit
European Council: Background: European Council, Brussels, 28-29 June 2012
Spiegel Online International, 28.6.12: No Solution in Sight ahead of Key EU Summit
EurActiv, 28.6.12: Summit to launch EU banking architecture overhaul
ESO: Background information: Euro blueprint maps way to banking union
ESO: Background information: The banking union
EurActiv, 28.6.12: Merkel insists on fiscal union before debt sharing
Le Monde / Handelsblatt / Público / La Stampa / El Pais , 28.6.12: Yes, the euro is mortal (via PressEurop)

Subject Categories ,
Countries / Regions