This European Council’s major achievements are:
1. The split between eurozone and non-eurozone Member States was avoided;
2. Compulsory economic, fiscal and budgetary governance was agreed upon. This opens the way to a new European architecture. What starts with a treaty may finish with a constitution.
The summit’s negative results are:
1. The concept of solidarity is missing from the envisaged solutions. Or, solidarity is key to economic growth and job creation, both being the foundation of a social Europe.
2. The lack of short-term solutions, necessary to regain the confidence of the markets, but also that of the European citizens. The UK’s self-isolation is an opportunity rather than a crisis. Even if regrettable, it is not lethal.
The future negotiations must include all willing eurozone and non-eurozone members. Including the EU institutions is also necessary. Legal coherence must be ensured between the intergovernmental treaty and European legislation; eventually, they should form one juridical instrument.
The treaty should regulate the coherence between various internal and external European policies. All its signatories would be automatically included into the Schengen area and the eurozone. This might represent the birth of a new Europe, with the UK joining it or being only its partner.