Concerns rise over eurozone fiscal treaty

Peter Spiegel and Matt Steinglass, Financial Times, 15.03.2012

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After an initial burst of enthusiasm from Europe’s leaders that a just-signed fiscal discipline treaty would be the first step towards a eurozone economic union, the pact has hit political headwinds, raising concerns that support is thin and ratification could fail in several countries. […]

EU officials insist that rejection in any one country would not be significant, since the treaty can go into effect even if as few as 12 eurozone members ratify. But analysts note that a rejection, particularly by several members, would undermine European efforts to shore up confidence in the single currency.

"You don’t need all 17, but every one you lose sends a signal," said Janis Emmanouilidis, a senior analyst at the European Policy Centre. "Imagine what would happen if it doesn’t enter into force. In terms of content, it is not such a big deal. Politically, however, it would be critical."

For the original article see here.


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