Uncommon Sense

politics and society are, unfortunately, much the same thing

Euro in crisis, new treaty on the way

What’s in the new deal to save the euro?
December 9, 2011 by GABRIELE STEINHAUSER

All European Union states except Britain moved toward setting up a new treaty Friday, giving up crucial powers over their own budgets in an attempt to overcome a crippling debt crisis.

Q: Who’s in it?
A: All 17 countries that use the euro are definitely signing up. Nine non-euro states — Denmark, Latvia, Lithuania, Poland, Romania, Bulgaria, Hungary, Sweden and the Czech Republic — said they would consult their parliaments before joining in. In some of those countries, however, parliaments are less than enthusiastic.

Q: Who’s not in it?
A: The U.K. gave a clear “no” after it failed to get the eurozone to approve special safeguards for its financial center from EU regulation.

Q: Why did Europe need a new treaty?

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crisis, economics, economy, foreign affairs, government

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Filed under: crisis, economics, economy, foreign affairs, government

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