EU summit: All but two leaders sign fiscal treaty
Published: 2nd Mar 2012 09:33:52
All but two of the EU's 27 leaders have signed a new treaty to enforce budget discipline within the bloc.
The "fiscal compact" aims to prevent the 17 eurozone countries again running up huge debts.
It must now be ratified by individual parliaments and, in the case of the Irish Republic, a referendum.
UK Prime Minister David Cameron, who with the Czechs refused to sign, said his proposals for cutting red tape and promoting business had been ignored.
But the newly re-appointed President of the European Council, Herman Van Rompuy, said British calls to boost the EU economy were being taken seriously and he had sought to re-draft the summit's conclusions accordingly.
The fiscal compact is what emerged after Mr Cameron vetoed plans to change the EU treaties to enforce greater budgetary discipline back in December, BBC Europe editor Gavin Hewitt reports.
German Chancellor Angela Merkel described its as a "great leap", a first step towards stability and political union.
These new powers may face an early test as both Spain and the Netherlands have admitted they will miss targets for reducing their deficits, our Europe editor notes.
While there has been a change of emphasis at this summit, "from crisis mode to growth mode" in the words of one senior official, it will be difficult to achieve whilst tough spending cuts are being made, Gavin Hewitt says.
In a speech at the signing ceremony, Mr van Rompuy said: "This stronger self-constraint by each and every one of you as regards debts and deficits is important in itself.
"It helps prevent a repetition of the sovereign debt crisis. It will thus also reinforce trust among member states, which is politically important as well.
"The restoration of confidence in the future of the eurozone will lead to economic growth and jobs. This is our ultimate objective."
At 20:52:56 in WalesA 15 year-old girl has been cut free after becoming trapped in a children's swing in a park in Denbighshire.
At 20:33:59 in EnglandThe songwriter behind the anti-apartheid protest anthem Free Nelson Mandela is to receive an honour from the President of South Africa.
At 20:33:35 in SportMichael Dawson and Chris Coulter are the latest Northern Ireland swimmers to make nomination times for the Commonwealth Games.
At 20:29:42 in BusinessLondon's Gherkin skyscraper has been placed into receivership by its creditors after one of its owners was placed in insolvency.
At 20:06:00 in EnglandA Wiltshire police officer who used a Taser stun gun on a man who threw his underpants at him has denied acting out "revenge".
At 19:48:26 in EnglandThe family of a man who was hit and killed by a police car in East Sussex have said they need answers about how he died.
At 19:44:20 in EnglandThe lawyer for former N-Dubz singer and X Factor judge Tulisa Contostavlos has asked magistrates for an assault charge against her to be dropped.
At 19:43:34 in PoliticsThe UK Independence Party has suspended a council candidate featured in its latest election broadcast for sharing "repellent" opinions on Twitter.
At 19:30:52 in EnglandTwo men have been jailed for abusing young boys over three decades at two North East residential schools.
At 19:25:46 in WalesA new maternity unit has opened at Bronglais Hospital in Aberystwyth as part of changes to neonatal services.
Harvard CitationBBC News, 2012. EU summit: All but two leaders sign fiscal treaty [Online] (Updated 2nd Mar 2012)
Available at: http://www.ukwirednews.com/news/1415299/EU-summit-All-but-two-leaders-sign-fiscal-treaty [Accessed 24th Apr 2014]
News In Other Categories
London's Gherkin skyscraper has been placed into receivership by its creditors after one of its owners was placed in insolvency.
The UK Independence Party has suspended a council candidate featured in its latest election broadcast for sharing "repellent" opinions on Twitter.
A 15 year-old girl has been cut free after becoming trapped in a children's swing in a park in Denbighshire.
Police are appealing for witnesses after new information came to light over a sexual assault in Polmont.
Kenyan MPs are debating a proposal to make it a criminal offence to address an official incorrectly at a state function.
Michael Dawson and Chris Coulter are the latest Northern Ireland swimmers to make nomination times for the Commonwealth Games.