Simone Foxman
EU leaders are meeting in Brussels right now in the second day of their EU summit.
So far, all 17 eurozone leaders and 8 non-euro EU leaders signed the fiscal compact (pdf) that they first discussed in December--a plan that would impose sanctions on countries with deficits exceeding 3% of GDP per year and requires countries to bring debt-to-GDP ratios down to 60%.
However ratification of this new Treaty is not to be taken for granted, as each signatory will have to ratify the agreement at home. If this happens, then the agreement will go into effect on January 1, 2013.
EU leaders are meeting in Brussels right now in the second day of their EU summit.
So far, all 17 eurozone leaders and 8 non-euro EU leaders signed the fiscal compact (pdf) that they first discussed in December--a plan that would impose sanctions on countries with deficits exceeding 3% of GDP per year and requires countries to bring debt-to-GDP ratios down to 60%.
However ratification of this new Treaty is not to be taken for granted, as each signatory will have to ratify the agreement at home. If this happens, then the agreement will go into effect on January 1, 2013.
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