The European Council has mainly disappointed expectations

In five out of nine times that the European Council has met since January 2011, market expectations have been missed. Analysts at BNP Paribas have done the research, which supports the heavy air of pessimism surrounding this Thursday's euro summit that is set to present some sort of action plan on Friday.

“Although it is improbable that we get a final solution to the euro area crisis,” BNP Paribas said in a financial note today, “there should be tangible advances in banking and fiscal union efforts.”

Experts forecast that free furniture plansrong>the European Central Bank may be given more supervision powers, what would set the groundwork for a euro bank deposit guarantee fund. The European Investment Bank could also update the volume of its capital resources.

“But we do not believe public debt mutualisation, nor Eurobonds will have the chance to be discussed, as Germany's opposition seems as strong as ever.”