From the FT's live blog on the EU summit:
EU heads of state and government have started gathering in Brussels even
though their summit isn’t scheduled to begin until 5pm. Last night,
however, Herman Van Rompuy, president of the European Council,
circulated a final draft of the summit communiqué, and we got our hands
on it.
The 12-page document differs from a version circulated last week in
several significant ways – most notably completely dropping a timetable
for creating a fiscal and banking union in the eurozone.
Van Rompuy’s pet idea of getting eurozone countries
to commit to signing binding contracts with Brussels on economic reform
programmes – essentially forcing upon all euro members the kind of
detailed plans now only agreed with bailout countries – has also been
significantly watered down. In the original version, EU leaders would
have explicitly endorsed the idea. In the new version, they are simply
cited as an idea that “could” enhance ownership of reform programmes.
Rather than come to any conclusion on the issue, the draft says it will
be addressed again at a March summit “after an informal process of
consultations with Member States”.
http://link.ft.com/r/BLH300/Z86DWX/TP3TEW/EXOE7G/T18OTH/36/h?a1=2012&a2=12&a3=13
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