One of the most expected European events took place in Brussels on 28 and 29 June. The European Council, as many expected, brought major conclusions in the field of EMU, cohesion policy, growth measures and budgetary issues.

The biggest achievements can be seen in the monetary affairs. The Report on EMU sets out "four essential building blocks" for the future EMU: an integrated financial framework, an integrated budgetary framework, an integrated economic policy framework and strengthened democratic legitimacy and accountability. Member states also came closer to establishing a banking union by agreeing on measures that could facilitate direct lending to the banks and buying troubled countries’ bonds. However, further details have to be negotiated and adopted by member states.

Cohesion policy and growth measures are central topic of the document called “Compact for growth and jobs”. EU representatives agreed that 120 bn euros should be used to boost the economy through fast-acting growth measures. New measures will focus mainly on financial stability, SMEs and employment. Multiannual Financial Framework for 2014-2020 should play a crucial role in the context of the growth with three medium-term priorities – accelerating economic growth, creating jobs and improving competitiveness.

Conclusions of the summit have been generally regarded as satisfactory. Measures taken to tackle difficult situation of the European economy have to be adopted by national authorities as soon as possible. However, many crucial topics still remain unresolved and details of most of them still need to be discussed. And as Angela Merkel put it, those negotiations are going to be anything but easy.

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