Monti, right, and Hollande, centre, with Belgium's Elio Di Rupo during Day 1 of the summit
For all the pre-summit posturing over the eurozone’s increasingly controversial austerity-led crisis response, participants said the EU summit’s first-day session on Europe’s economy was a staid affair with almost no real debate over whether EU policy was on the wrong track.
Indeed, the summit’s communiqué, issued after the summit broke at about 10:30pm, was almost identical to early drafts circulated late last week, even though some predicted a tense discussion over its advocacy for more targeted government spending.
Instead, a different theme appeared to emerge from several leaders in the wake of the thumping taken by Mario Monti, the outgoing Italian prime minister who implemented many of the Brussels-recommended reforms, in last month’s elections: EU policies are still correct, they’re just taking longer than expected to produce results.
“The period Mario Monti was prime minister was a very brief one,” said Angela Merkel, the German chancellor, when asked of the lessons of the Italian vote. “Adopting reforms and the reforms taking effect, there’s a period of time for the benefits to be reaped.” Read more
Peter Spiegel is the FT's Brussels bureau chief. He returned to the FT in August 2010 after spending five years covering foreign policy and national security issues from Washington for the Wall Street Journal and the Los Angeles Times, focusing on the wars in Iraq and Afghanistan. He first joined the FT in 1999 covering business regulation and corporate crime in its Washington bureau, before spending four years covering military affairs and the defence industry in London and Washington.
Alex Barker is EU correspondent, covering the single market, financial regulation and competition. He was formerly an FT political correspondent in the UK and joined the FT in 2005.
James Fontanella-Khan is FT's Brussels correspondent, covering media, telecom and internet regulation as well as justice, employment and social affairs and its impact on eastern Europe. He was formerly an FT correspondent in India. He joined the FT in 2006.