In the heady days after the European Council summit almost two weeks ago, quite a few EU and national officials went off the reservation, spraying confusion on what may or may not have been decided. By this week’s eurogroup meeting, the whips had clearly been out in force, and it was established that what had been agreed had, in fact, been agreed.

That is good news insofar as it means there is no backsliding (yet) on the first significant progress made in the management of the eurozone crisis for some time. The single currency’s leaders staked out a course towards banking union in an overdue attempt to unclasp the lethal embrace of sovereigns with their banking system that the debt crisis has disrobed. At this week’s meeting the first steps were taken down this route.

€30bn was set aside to recapitalise Spanish banks, a downpayment on a total promise of €100bn. More importantly, the eurozone affirmed that, once a common bank regulator is created, the Spanish government will not be liable for the aid. This usefully slapped down incontinent unnamed officials who had insisted direct injections of common rescue funds into Spanish banks would require Madrid’s sovereign guarantee – which would of course defeat the entire purpose.