If you only know one thing about European summits, it should be this: agreements aren’t worth the paper they’re written on. The fact something has been publicly announced, even written down in 4am post-summit communiques, means nothing.
Yet another European summit has been discussing yet another urgent issue, and yet again it is one that was supposed to have been agreed at a previous summit: banking union. The wrangling this time extends as far as the question of whether what was previously agreed is even legal.
Once again the deal was struck in the early hours of the morning, and once again Europe’s leaders hailed it a success. Read more
James Mackintosh is the Financial Times' Investment Editor, writing and presenting the daily Short View column and video. In 16 years at the FT his posts have included comment editor, motor industry editor and hedge funds correspondent, as well as spells in the Parliamentary lobby and Paris. He was the first reporter hired for FT.com, joining two weeks before it launched.
John Authers is the Financial Times' Senior Investment Columnist, writing the Saturday Long View and a regular Monday column. In a 22-year career at the FT, his previous posts have included global head of the Lex column, investment editor, US markets editor, Mexico City bureau chief and US banking correspondent. His latest book is The Fearful Rise of Markets. 