EU summit outcome exceeds - low - expectations There have been 20 summits since the euro crisis began, and for once, analysts say, leaders have exceeded - admittedly low - expectations. Economists have applauded their short-term measures to steady markets and the eurozone's longer-term direction. France's new President François Hollande is satisfied, too. "I think that we now have a coherent framework: a growth pact, banking union, budgetary union, a support mechanism, a will to extend economic and monetary union," he told reporters. No-one has had to give way more than Angela Merkel. EU paymaster Germany had brushed aside any need for emergency measures earlier this week. However defending what she called a "good compromise," the Chancellor stressed the safeguards in place and talked up the summit's achievements. "We have concluded a pact for growth and employment - the size is about one percent of the GDP of the EU," she said. I think this is a very important effort and this document also clarifies that, above all, it's about the creation of new jobs, especially jobs for young people. More about: Angela Merkel, Economic growth, EU Summit, European economy, Eurozone, François Hollande