There are many question marks, and I assume that we will see the "markets" realising them in the next week.
What the summit has brought in substance, is this:
1. the EU isolates itself from the UK
2. There is an agreeement that one would author an agreement in Spring next year (! Yes, that is March or April next year, until then: nothing happens, so says the plan
)
3. Part of the second stability pact after the one already in place right now is that the automatic sanction to pounish deficit violators may come automatically, but can be suspended by majorty vote of the Euro government heads. The debt-ridden countries and poor netto-receivers form the majoirty by these votes already now, so we all know how these sanctions will end: thy will be suspended, becasue there is honouir amongst thieves and one hawk will not pick another hawk's eye. France wonderfully creamed Germany there: still having the option that the French demand for Eurobonds get fulfilled one way or the other, later, but the German demand for automatic sanctions already neutralised on the day it got formally accepted.
4. The plan to pay 200 billion to the ICF so that it would assist in return to bail out European deliquents already is set to collapse. Washington already signalled that it would not play ball - and the ICF
IS Washington for the most.
5. In general, new paper formulations to be written down in some months shall suddenly be followed while the paper-formulations beign valid treaties right now already get ignoired and violated. Where is this optimism coming from? The demand that the trety should instead become part of the dicatte of Lisbon to give it the appearance of greater obligation, successfully got tackled, too.
So I am wondering:
what are they celebrating themselves for? Crisis will be back on the doorsteps - and long before Christmas days. Maybe already next week when we see market reactions after having digested the poor substance of this summit.
The only really - though probably maybe just temporary - positive thing is that the increase of debts by letting the ECB buying toxic state bonds unblimited and issuing Eurobonds still has been prevented. The loss of trust is due to doubts that states are willing and will ever be able to serve their debts. Making even more and more debts in one almost explosive raise of them thus can hardly be the answer. I only fear that this German success is just meant to falter, too. The collectivisation of debts I fear will come, under any label, by any mechanism to acchieve it by effect, no matter how it is beign called then.
Loser in influence is England so far, I think, and maybe it will even leave the EU. Clear winner is France. Germany feels as a winner, but as I said: Sarkozy just creamed Merkel. And I think she is not even aware of it, like it has been several times before in the past years. I tend to see Germany as the loser of this summit, too. It's just that the reasons for that are somewhat hidden, not to be seen at first glance. They will make themselves felt in the longer run.