EU leaders discussing 'limited' changes to treaty
Baku, October 24 (AZERTAC). Europe`s leaders have agreed to change the EU treaty if necessary to help resolve the eurozone`s debt crisis and stop the region sinking into recession.
EU president Herman Van Rompuy said after a day of emergency talks in Brussels that members would "explore the possibility of limited change".
UK Prime Minister David Cameron said he had sought assurances to protect Britain`s interest if there is change.
Another meeting of all the EU countries will be held on Wednesday.
On Sunday morning the leaders of all the European Union`s 27 members held talks about the Greek debt crisis, recapitalising banks, and bolstering the bailout fund.
This was followed in the afternoon by a separate meeting of the 17 nations that use the euro.
Speaking after the meeting, Mr Van Rompuy said that altering the treaty was under discussion. Although no proposed details were given, any change is likely to involve closer fiscal and economic cooperation.
"The aim is deepening our economic convergence and strengthening economic discipline," Mr Van Rompuy said.
He said the words `limited change` meant "not a general overhaul of the institutional architecture. We also said that we would need the agreement of all the 27 (member states) before we can decide on a treaty change.
"The most important thing is not to change the treaty, the most important thing is to strengthen economic convergence," he said.
Mr Cameron said that he had secured safeguards to ensure that Britain`s national interest within the EU was protected as the eurozone nations moved towards greater fiscal and economic integration.
The Prime Minister said the EU needed to build on the progress of the work done on Saturday on recapitalising the banks.
Initially only the 17 countries that use the euro were to meet on Wednesday.
Speaking alongside German Chancellor Angela Merkel at a joint press conference on Sunday afternoon, French President Nicolas Sarkozy said "a quite broad agreement is taking shape on the reinforcement" of the EFSF bailout fund.
Mrs Merkel said a French idea for the fund to acquire a banking licence was dead, leaving a mix of plans to use the EFSF to offer insurance to eurozone bond holders, and moves to create a `fund within the fund` that would be topped up by some of the main emerging nations.
There are also discussions with banks for them to accept a 50% write-off on Greek debt, in exchange for a new bailout by the EU and the International Monetary Fund.
All of the initial proposals reached over the weekend of talks need to be ratified by the 27 member at the full summit on Wednesday.
Shortly before the summit began, Italy`s Prime Minister Silvio Berlusconi held private talks with EU President Herman Van Rompuy, Mrs Merkel, and French President Nicolas Sarkozy.
There is concern that budget cuts passed by the Italian parliament do not go far enough.
Other news in this section
