EU leaders fail to agree treaty changes Leaders of the European Union’s 27 countries failed to agree to change the EU’s treaties in order to implement tighter fiscal rules and instead chose to create a new intergovernmental treaty which will likely have less teeth and be negotiated only among 23 of the bloc’s members.
Despite the division – which will leave Britain and Hungary out of the new pact, with the Czech Republic and Sweden still weighing participation – Mario Draghi, the European Central Bank president, signalled his approval, a key vote of confidence that could allow the ECB to move more aggressively in eurozone bond markets.
http://link.ft.com/r/6NPSBB/GDNM07/RNF1Y5/5VZ84F/XH2PYT/XL/h?a1=2011&a2=12&a3=9
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