PRAISE heaven for a boring European summit. “This is my first summit without talk of default, break-up or catastrophe,” said Enda Kenny, Ireland’s taoiseach (prime minister). “We had a normal, constructive discussion.” The French president, Nicolas Sarkozy, went even further: “We are not out of the economic crisis, but we are turning the page on the financial crisis.”
A new treaty [PDF] to impose greater fiscal discipline on euro-zone members and eight others (but not Britain or the Czech Republic) was signed today after being negotiated in record time. The fall in the spreads on bond yields of France and others showed the situation was stabilising, said Mr Sarkozy: “It is a great relief.” The European Union is now trying to turn its attention to promoting longer-term growth [PDF].