I’m just doing some research on budgetary rules in the Eurozone, pre- and post-crisis, and stumbled over some interesting EU trivia:
Reading the original Council Regulation (Regulation 1466/97) on the Stability and Growth Pact which was meant to ensure fiscal discipline in the Eurozone, I saw that this regulation was signed by then Council President – “J.-C. JUNCKER“.
After France and Germany were not able to keep their budget deficits below the necessary limits in the early 2000s, the Stability and Growth Pact was reformed (“watered down” and “weakened”, e.g. Der SPIEGEL) in 2005. The signature under the amended regulation (Regulation 1056/2005) is again: “J.-C. JUNCKER“.
Looks like a funny coincidence that the first post-crisis (if we are “post”…) Commission President was not just in charge of the Eurogroup from 2005 to 2013 but also in charge of the two (rotating) presidencies of the EU’s Council of Ministers under which the original (budget) crisis prevention mechanisms were established and weakened.
It’s like the personalised history of the Eurozone (crisis) is taking up office in November.
PS: The next Council Presidency of Luxembourg is in the 2nd half of 2015, this time with Juncker in a different seat.