European summits not an ideal decision-making method

"Leaders have ended up doing much of the heavy lifting in the crisis because it really comes down to them to decide whether to commit their taxpayers to spend what it takes to save the euro," said Hugo Brady, a senior research fellow at the CER in London.

"But leaders influenced by treasuries take a conservative approach to political reform in Europe compared to leaders advised by foreign ministries," Mr Brady said. "So don't hold your breath for any kind of decision on the final destination of Europe any time soon."