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Not the treaty Europe needed

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  • The new EU fiscal stability treaty focuses almost exclusively on imposing tighter fiscal disciplines on signatory states. Fear of difficult ratification debates and a big step into fiscal integration that would have divided the EU have ensured that the new treaty is narrow in scope and wide in application.  
  • The treaty is designed be reintegrated into the wider EU Treaty structure within five years, technically closing the rift between the UK and the other EU states. 
  • The treaty does not address the key questions for the future of the Eurozone such as collective debt liability for Eurozone states through Eurobonds, and as such will leave considerable uncertainty about the political future of the Eurozone.

    The views expressed in this report can be attributed to the named author(s) only.