With European Leaders wrapping up their much anticipated Summit and agreeing on short term fixes to keep Member States interest rates from ballooning and to make the recapitalization of ailing banks more straightforward yet remaining vague on longer term strategies, European Liberal Democrat President Sir Graham Watson MEP shared his analysis on live TV broadcast earlier today:
“I congratulate Italy to a very successful display over the last 24 hours. As the national football team put up a glorious display in Warsaw to go through to the finals, Prime Minister Monti showed necessary pragmatism at the European Council, to put forward a suggestion on the European Stability Mechanism which keeps all 27 Member States on board, which is of utmost importance as we move forward.
But unlike the Euros, which are only one game away from reaching its grande finale, in financial and political terms the European countries are struggling to even make it to the group stage of the World Cup, and will therefore have to improve their game substantially – very soon.
The conclusions of this Council are a small step in fighting the raging fires. Re-instating confidence into the markets, keeping interest rates at a reasonable level and reaching out a helping hand to financially sound but crisis-struck banks are all sound policies for Europe.
On the longer-term targets, this Council unfortunately remained too vague. But how could things be different when EPP leaders Van Rompuy and Barroso only deliver their report a couple of days before the Council is set to start? We know already that the football final will be played on Sunday between Spain and Italy; and there is a procedure foreseen in case of a draw after 90 minutes. It would be in Europe’s interest to achieve similar clarity on the financial future as well.”
Note to editors: Ahead of the European Council meeting, European Liberal Prime Ministers and Leaders met on 28 June 2012 in Brussels at the Concert Noble.