Reuters has obtained a draft copy of the fiscal agreement for the EU:

  • New EU fiscal agreement should be fully compatible with EU treaties and case low of European Court of Justice
  • Major policy reforms must be coordinated with all 27 member states
  • Countries can be take to court of justice if they fail to meet fiscal targets
  • Deficits must not exceed 0.5% of GDP over the economic cycle
  • It will come into force after 9 countries have ratified it
  • Will only apply to countries who have ratified