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There is no crisis. We are now half past ten,
and there is no crisis.
The president of the European Council on Thursday kicked off another key meeting on the European economy.
At the table... the EU's 27 presidents and prime ministers, including German chancellor Angela Merkel.
French President Nicolas Sarkozy and the new British prime minister, David Cameron.
We are not a member of the euro nor are we going to be a member of the euro.
But a strong, successful eurozone is vital for Britain's national interest.
The member states looked to be in broad agreement on ways to strengthen budget discipline.
But as usual at these summits, the devil is in the details.
Plans for tough sanctions against countries like Greece are still seen as controversial
They can potentially exacerbate the economic crisis.
and put eastern European countries at a disadvantage.
The Greek case has highlighted the case for more coordinated proactive economic policies in the European Union
It is necessary to take decisions also at home, in our national budgets. It's not easy. I know very well.
Our joint priorities must by on restoring sound public finances, increasing competitiveness, investing in future growth,
and building also trust in financial markets.
The summit has revealed what diplomats call a general lack of enthusiasm for punishing countries already on their knees.
So instead of reaching an agreement on a new Stability & Growth Pact,
the summit proved to be another opportunity for a European show of unity,
at a time that financial markets remain edgy over budget deficits.
A firm agreement on punishing countries that violate the financial rules for the eurozone,
is still not on paper.
That now is expected to happen in October, giving EU leaders another three full months to overcome their differences.
Raymond Frenken, EUX.tv