Publication

This policy brief discusses the European Council meeting of December 2011, at which leaders of the Euro area moved towards forming a new fiscal compact and sharing an unprecedented level of sovereignty. Despite this progress, the author argues that there are a number of key issues still to be addressed. Firstly, there is a need to prevent the split with the UK on the Euro from developing to the point where the whole union is called into question. Secondly, all EU member states should commit to work through the common institutional system. Finally, the focus on austerity needs to be balanced with a counter narrative on growth and cohesion.