A new fiscal treaty with stricter budget rules will be in place by mid-2012, according to the European Council’s president.
Herman Van Rompuy says the first draft may even be ready by next week: “I’m optimistic because I know it’s going to be close to 27. In fact 26 leaders indicated their interest in these efforts. They recognised the euro is a common good. Then by early March at the latest, this fiscal compact treaty will be signed. The aim is for the ESM treaty to be ratified by mid 2012.”
The devil may yet emerge from the details of the treaty but the 17 eurozone members are nonetheless committed. Nine others will seek parliamentary approval while Britain has ruled out any deeper fiscal integration.
Britain’s Prime Minister David Cameron refused to sign up after he was unable to win special treatment for London’s financial services industry, which accounts for 10 percent of the country’s GDP.
Despite last week’s agreement in Brussels, the response from the markets has been lukewarm with some investors disappointed the European Central Bank has not taken more steps to tackle euro zone debt.
- 1Spain heading for constitutional tension as Catalonia calls an early election
- 2Obama unveils US plan to cut carbon emissions
- 3Ukrainians protest against a planned “buffer zone”
- 4Italy arrests Mafia suspects after cracking Cosa Nostra’s secret code words
- 5Handling of a child sex abuse complaint against a former British prime minister to be investigated.
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Russia unveils ‘straight’ flag, internet responds
- 3Seven reasons why Yanis Varoufakis is now a political legend
- 4Greek crisis: ‘Agreement reached’ after marathon talks
- 5International news | euronews, latest international news
- 6Nasa announces the discovery of an earth-like planet
- 7Is Saudi Arabia outlawing rainbows for being gay?
- 8French actor Gérard Depardieu ‘a threat to Ukraine national security’
- 9Pluto: New Horizons space probe provides closest-ever pictures
- 10International breaking news | euronews online world breaking news in video
- 11BREAKING: Formal nuclear deal reached with Iran, says diplomat
- 12Latest News Bulletin
- 13Greece votes ‘No’ in overwhelming rejection of bailout proposals
- 14‘Imposed’ bailout deal must be implemented, says Greek PM
- 15At least 10 dead in explosion in Turkish town close to border with Syria
- 16Greece clinches deal with eurogroup after marathon talks
- 17Berlusconi linked with a shock return to government – in Russia!
- 18Israel angry as Iran and West talk up nuclear deal
- 19Varoufakis resigns after Greek referendum
- 20The Pluto flyby : what we’ve learnt so far
Wires > News
- 21:33 CET Cecil the lion case charts new territory for U.S. wildlife law
- 21:19 CET Germany sacks top prosecutor in row over treason inquiry
- 20:06 CET Tanzanian opposition coalition nominates former PM for presidency
- 20:01 CET Pledge to accept sparks protest in Latvia
- 19:22 CET Italian minister visits Iran seeking better ties
- 19:02 CET Gaddafi loyalists stage rare protest in eastern Libya
- 18:33 CET Obama’s climate plan shows U.S. can change world – U.N.‘s Ban
- 18:31 CET Further conflict, debt dispute pose high risk to Ukraine recovery…