In this number of Observatory Europa we illustrate some of the most significant passages in the recent European debate. The first reference is to economic governance: in October the European Council identified the strategy for making the defence of monetary stability more effective. From the point of view of the government of the Euro area, the main modifications concern the nomination of the President of the Euro Summit. Another important point concerns the reinforcement of the European Financial Stability Facility (Efsf), and the introduction of the European Stability Mechanism (Esm), a sort of European monetary fund. In this number we reconstruct the stages between June and October that produced these institutional proposals. In the second part we analyse the main interventions on social policies: the redefinition of the so-called «Monti-Kroes Package» on services of general interest, the revision of structural funds and the European cohesion policy, the question of food aid to the poorest European citizens (still deadlocked) and the question of the social responsibility of business, which has been the object of a communication from the Commission.