EU summit outcome exceeds – low – expectations

There have been 20 summits since the euro crisis began, and for once, analysts say, leaders have exceeded – admittedly low – expectations.

Economists have applauded their short-term measures to steady markets and the eurozone’s longer-term direction.

France’s new President François Hollande is satisfied, too.

“I think that we now have a coherent framework: a growth pact, banking union, budgetary union, a support mechanism, a will to extend economic and monetary union,” he told reporters.

No-one has had to give way more than Angela Merkel. EU paymaster Germany had brushed aside any need for emergency measures earlier this week.

However defending what she called a ‘good compromise’, the Chancellor stressed the safeguards in place and talked up the summit’s achievements.

“We have concluded a pact for growth and employment – the size is about one percent of the GDP of the EU,” she said. “I think this is a very important effort and this document also clarifies that, above all, it’s about the creation of new jobs, especially jobs for young people.”

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