This contribution deals with the role of the European Council in the institutional framework of the European Union, as it has been laid down by the Lisbon Treaty. It focuses on its rising influence, even beyond the wording of the Treaty, and the increasing criticism stimulated by this evolution. In reviewing the main relevant issues and critical viewpoints related to the European Council, some aspects are considered in depth: the increasing institutionalisation of the European Council and its critical position with regard to the management of the economic and financial crisis and to the ongoing process of “politicisation” of the Union. The discussion also considers comparative constitutional data and organic proposal of reform of the institutional architecture of the EU.