The first European Semester (an intrinsic part of the new economic governance presently being activated) ended in June/July 2011. While some progress in coordinating economic policy is clear, concern for the worsening of the global financial crisis has not diminished. Although much of the community’s action is concentrated above all on negotiating a new aid plan for Greece, we are still awaiting some significant progress. We are faced with a clear inability to deal with the structural problems: both of the integration process and of the development model that should guarantee an end to stagnation for member countries. Meanwhile the adoption of the six legislative proposals that make up the «packet of economic governance», on which the European Parliament pronounced on 23 June, is progressing, with some difficulty. Announced for the plenary session in July, the vote on the overall package was not put on the agenda due to persistent differences between Council and Parliament. In a context of general uncertainty, which also calls into question the policy of free circulation of persons, the European debate continues, for example through the search for alternative indicators to Gdp.