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Most viewed in EU governance
Arriving at a conclusionThe outcome of Ireland's referendum on Europe's fiscal treaty remains very uncertain. |
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Greece and France cast shadows over Irish vote on fiscal treaty
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Ireland's ‘Yes' man
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Draft changes
So far there are three incarnations of the draft inter-governmental treaty. The first was drawn up by Herman Van Rompuy's legal team immediately after the European Council on 8-9 December, and sent to member states on 16 December. The second draft was presented to the treaty working group on 6 January, based on their discussions on 20 December. Since 6 January, a third draft has been produced, and will form the basis of the next stage of negotiations.
Changes include:
Title
1st draft: “International agreement on reinforced economic union”; 2nd draft: “International treaty on reinforced economic union”; 3rd draft: “Treaty on stability, co-ordination and governance in the economic and monetary union”.
Member states in the excessive deficit procedure must draw up detailed descriptions of structural reforms they will undertake and...
1st: “such programmes shall be submitted to the European Commission and the Council”; 2nd adds: “for endorsement”; 3rd adds: “and their monitoring will take place within the context of the existing surveillance procedures of the stability and growth pact”.
Member states which consider that another member state has failed to comply with the new rules...
1st: “may bring the matter before the Court of Justice”; 2nd adds that the Commission may, “on behalf of” the member states bring an action for an alleged infringement before the Court of Justice; 3rd changes 2nd to: member states “may invite the European Commission to issue a report into the matter.” It adds that, in this case, “if the Commission confirms non-compliance in its report, the matter will be brought to the Court of Justice by [member states]”.
Treaty will enter into force...
1st: once nine eurozone member states have ratified it; 2nd: once 15 eurozone member states have ratified it; 3rd: on 1 January 2013, provided that 12 eurozone member states have ratified it, or after 12 have ratified it, whichever is the earlier.
To be incorporated into EU treaties
1st: no reference; 2nd: “within five years at most following the entry into force”; 3rd: reference deleted.
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