By Ria Novosti
EU leaders on Sunday agreed to change the bloc’s governing treaty if necessary in the interests of economic convergence and recovery from the present Eurozone crisis, EU President Herman Van Rompuy said.
“We decided to explore the possibility of limited treaty change,” Van Rompuy said. “The aim is deepening our economic convergence and strengthening economic discipline.”
“Limited means not a general overhaul of the institutional architecture,” he said. “We also said that we would need the agreement of all the 27 (member states) before we can decide on a treaty change.
“The most important thing is not to change the treaty, the most important thing is to strengthen economic convergence,” he said.
European leaders are currently holding talks in a last-ditch effort to find a solution to the debt crisis in the Eurozone.
Current discussions are centered on the European Financial Stability Fund, currently worth 440b. Leaders are looking at how to bolster the fund to protect countries like Italy, amid concerns it could yet suffer a fate like Greece’s.