25 EU members to join fiscal treaty

Brussels, Jan 31 (IANS) All but two of the 27 European Union (EU) member states are to sign a new fiscal treaty designed to enshrine tighter deficit and debt discipline, European Council President Herman Van Rompuy has said.

Britain and the Czech Republic are the two countries that would opt out, Van Rompuy said at a press conference that was originally focused on growth and employment in Europe amidst a debt crisis that still showed no sign of easing after plaguing the region for more than two years.
EU leaders agreed last December on the fiscal treaty which included a “structural deficit” of 0.5 percent of GDP and automatic sanctions for countries whose deficits top 3 percent of GDP, Xinhua reported.