| EXECUTIVE SUMMARY | 1 |
| INTRODUCTION | 4 |
| 1. AN UNSCHEDULED SUMMIT: SARKOZY PROVOKES, MERKEL AND TOPOLÁNEK RESPOND | 4 |
| 2. THE MAKING OF A CONSENSUS | 6 |
| 2.1 TO STIMULATE OR NOT TO STIMULATE | 6 |
| 2.2 THE FINANCIAL MARKETS: THE DE LAROSIÈRE REPORT | 8 |
| 2.3 THE SINGLE MARKET | 10 |
| 2.4 THE INTEGRITY OF THE EURO AREA | 12 |
| 2.5 A NEW EAST-WEST DIVIDE? | 13 |
| 2.6 PREPARING FOR THE G-20 SUMMIT | 16 |
| 3. THE INFORMAL SUMMIT | 17 |
| 4. THE COMMUNIQUÉ | 20 |
| 5. SARKOZY’S ‘ASSASSINATION’ OF BARROSO | 21 |
| 6. SOME CONCLUSIONS | 22 |
| ANNEX | 27 |
| ENDNOTES | 30 |
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