Eurozone countries agree closer ties; Cameron rejects existing treaty overhaul
Dec 9th, 2011 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Leaders of the European Union’s 27 countries on Friday morning failed to agree to changes the EU’s treaties to enshrine new fiscal rules for Eurozone countries but agreed on a new intergovernmental treaty which won the support of 23 members including the 17 member countries of the Eurozone. Both Germany and France rejected demands from David Cameron, British prime minister, for guarantees in respect of the City of London financial services industry and besides the UK, which will not take part in a new agreement, the Czech Republic, Hungary and Sweden decided to defer a decision.