Since the second half of 2012, financial markets have calmed down at least temporarily and the worst financial and fiscal crisis appears to be over. In the relative tranquillity, European institutions could focus on reflecting on the lessons of the crisis, as well as the need to develop EMU and to prevent future crises. Yet with the crisis easing, the enthusiasm for reforms appeared to decrease, too. Thus, despite the quite far-reaching reform plans on the table, the results of the subsequent meetings of the European Council have been meagre.

In June 2012, a Working Group consisting of the Presidents of the European Council, the Commission, the Eurogroup and the ECB, headed by Van Rompuy, put forth a scheme for a comprehensive reform of the EU. The scheme was further elaborated in the following months and received its final shape on the eve of the December 2012 European Council meeting. A more ambitious initiative for “launching a European debate” – ‘A blueprint for a deep and genuine economic and monetary union’ – was produced by the Commission and published on 30 November 2012. The European Parliament’s major contribution to the discussion is a Resolution of 20 November 2012 on the report of the four Presidents. Furthermore, the Commission has produced documents on individual parts of reform packages, in particular the proposed banking union.