If you read one thing today... (and you are interested in the EZ)

The President of the Council of Europe has published his proposals ahead of the European summit this Thursday and Friday.

The document does present a roadmap to further integration that should underline the strength of the union in the long run.

It mentions explicitly integrated financial, budgetary and economic policy frameworks.

There is no time frame but it is suggested that this could be agreed in December.

I suspect that the markets are getting impatient for something concrete and will not react with enthusiasm.

But the EZ leaders have shown that they do not want to be (seen to be) swayed by the financial markets' short term reactions.

Democratic accountability and legitimacy also mean that the proposals will have to be sufficiently discussed and approved at the national level.

I think that these proposals are in the right direction.

Of course a lot (all) depends on what Germany thinks it can do.

And further integration presents a challenge not only for those who want to be part of it but also for those who are sceptical or hostile (e.g. the UK).

Does the EZ have time to contemplate these proposals?

I think it does, as long as Italy can borrow at reasonable rates.


Just in case you missed it the document is here.