• Rules in excessive deficit procedure t0 be reinforced for euro zone member states
  • Sanctions must be imposed on rule-breakers automatically unless opposed by qualified majority vote
  • Possibility of moving toward common euro zone debt issuance in longer term to be considered
  • Intends to bring forward ESM bailout mechanism to July 2012
  • Existing EFSF fund to remain active until mid-2013
  • Permanent ESM to have EUR 500 bln maximum lending cap
  • Non-unanimous voting rule for emergency procedures involving ESM
  • ESM to be allowed to directly recapitalize banks
  • ESM to be given banking license

Keep in mind, this is a draft. Ahead of the summit, Germany remain opposed to having the EFSF and the ESM run concurrently.