According to head of European Council 25 countries will participate in Fiscal Pact. Two countries not interested were Great Britain and Czech Republic.
The Fiscal Pact will be formally adopted at the March summit. Treaty will go into effect at 1st of January 2013.
According to Sarkozy there will be 3 types of meetings in EU: the whole Union of 27 countries, 25 fiscal pact signatories and 17 euro zone countries. The main purpose of treaty is preventing euro countries from excessive indebtedness in the future, with Greece ahead. Pact implies “gold rule” with structural deficit lower than 0.5% of nominal GDP of a country.
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