The Merkozy Index

MEETING NO. 1

BRUSSELS SUMMIT, MARCH 24–25, 2011

A Euro pact ‘will reinforce convergence of economic policies and competitiveness.’

–Sarkozy

‘The political course has been charted.’

–Merkel

The Brussels deal creates a bigger rescue fund, and shortly afterward, E.U. leaders agree to bail out Portugal

EURO RISES

4.2% IN APRIL

MEETING NO. 2

EMERGENCY SUMMIT, BRUSSELS, JULY 21

‘Our ambition is to seize the Greek crisis to make a quantum leap in euro-zone government.’

–Sarkozy

‘The euro is part of Germany’s economic success, and a Europe without the euro is unthinkable.’

–Merkel

Leaders agree to an additional $155 billion package to save Greece. But the crisis spreads to Italy and Spain

ITALY’S BORROWING COSTS RISE TO A RECORD

5.8% IN JULY

‘If there had not been an agreement last night, it was not just Europe that would have sunk into catastrophe. It was the whole world.’

–Sarkozy

They don’t always agree–but they always kiss hello

MEETING NO. 3

E.U. SUMMIT, BRUSSELS, OCT. 26–27

‘We have done what needed doing.’

–Merkel

Leaders agree to boost the euro zone’s bailout fund to $1.4 trillion, but they fail to decide where funding will come from

EURO FALLS

3.8% IN FIVE DAYS

MEETING NO. 4

E.U. SUMMIT, BRUSSELS, DEC. 8–9

‘We’re doing everything we can to save the euro.’

–Sarkozy

‘By beginning a fiscal union, we’ve taken good steps forward.’

–Merkel

The deal tightens budget rules and adds $200 billion to the euro war chest. But Europe’s central bank demurs on more bond buying

EURO FALLS

3.0% IN TWO DAYS