At least the President of the European Council, Herman van Rompuy, made a modest effort to place crisis-management in the broader context of a long term vision for the Economic and Monetary Union. The text of the report submitted to the Council is attached. Without going into detail, the President offers four building blocks for a stronger EMU : a Bankunion, a Fiscal Union, a "more enforceable" framework for economic policy coordination and a strengthening of democratic legitimacy and accountability. The Council, according to paragraph II. 4 of the Conclusions had an "open exchange of views, where various opinions were expressed". The Council invited the President to continue as indicated in the Report. At best, Council members disagreed on the way to go and gave the Report a lukewarm reception.
Comments around the session made fairly clear that ideas on a two-tier-Europe are gaining momentum. Despite the fact that van Rompuy`s Report carefully avoids any reference to a more federal solution, the British are talking about leaving the EU and the French about special institutions for the Euro-area member states only.
None of them are willing to recognize that the core of today`s problems lies in the Treaty on European Union as concluded in Maastricht. A functioning EMU needs a democratically governed community with common rules and common institutions as envisaged by Jean Monnet and Robert Schuman in 1950.