Segundo os argumentos de Daniel Gros (aqui):
When the European Council met on 16 and 17 December 2010, they faced a menu of new ideas on how to better manage the Eurozone crisis. The ideas were suggested by economists and political leaders alike: Eurobonds, allowing the European Financial Stability Facility/Fund to buy debt on the secondary market, increasing the role of the ECB, to name just a few examples.
The EU heads of state chose to ignore all of them. Here is the sum total of what they contributed to the resolution of the Eurozone crisis – a 46-word amendment to EU Treaty Article 136:
“The Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality.”
Nothing new was said on how this mechanism will look.
In other words, the main outcome of the meeting was that EU Treaty will be changed to allow for the establishment of a stability mechanism – however this was never prohibited, so there is really no change to status quo. Leaders remain hopeful that Europe can somehow muddle through.