This article analyses the role of the European Council in two key legislative packages on economic and budgetary coordination, the SixPack and the Two-Pack, which were negotiated under the ordinary legislative procedure. It assesses how and to what extent the key actor in the literature on the new intergovernmentalism -the European Council -2 is able to curb the powers of the supranational institutions -the Commission and the European Parliament -in a policy area where the community method has been applied since the Treaty of Lisbon. It tracks the development of the legislative negotiations -from the stages preceding the Commission's proposal to their conclusions, relying on official documents, press reports and 30 original interviews with key decision-makers. The strong role of the European Council both as an agenda-setter and in the legislative negotiations stands out, and suggests that the implications of new intergovernmentalism may well extend beyond intergovernmental decision-making processes.