December 18th European Council: Where was the financial/economic content?

19 December 2014

Perhaps not much should have been expected from this Summit as the economic crisis is not extreme at the moment and the shadow of Russian activities in Ukraine was hanging over the meeting.

Nonetheless, it was an exceptionally anodyne outcome:

Extracts from the Communique:

[...]The European Council invites the Commission and the Union legislators to step up work on key measures to increase the Union's attractiveness for production, investment and innovation, and to improve the regulatory environment for investments, including moves towards better integrated capital markets, while at the same time robustly pursuing the better regulation agenda aimed at transparent and simple regulation achieved at a minimum cost….


Closer coordination of economic policies is essential to ensure the smooth functioning of the Economic and Monetary Union. Following a discussion on this issue on the basis of an analytical note at the informal meeting of the Heads of State or Government in February, the President of the Commission, in close cooperation with the President of the Euro Summit, the President of the Eurogroup and the President of the European Central Bank, will report at the latest to the June 2015 European Council. The Member States will be closely involved in the preparatory work. 

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© Graham Bishop