- Köln, Germany (Photo: http://www.ib-hochschule.de/koeln.htm)
Voluntary co-ordination of EU macro economic policies, named after an EU summit in the German town of Köln.
The Lisbon Treaty Art. 5 TFEU is a new legal base for coordination of economic and social policies. Art. 136 TFEU has a special legal base for member states with the common Euro currency.
- France in particular has often promoted compulsory economic co-ordination in the EU through a common economic "government".
- Germany has advocated a compromise formula of voluntary co-ordination between employers, employees, ECOFIN ministers and the European Central Bank.