Euro Agonies...Continued

Seventeen nations which use the euro currency, and six more which may eventually hope to do so, have tentatively agreed on the outline of a budgetary treaty. The proposed treaty would cause the signatory nations to give up significant fiscal sovereignty, with the aim of enabling the euro to continue to exist.

The nations not agreeing to go along include the United Kingdom, Sweden, Hungary, and Czech Republic. Both Sweden and the U.K. have chosen not to adopt the euro.

Details of the treaty are still to be refined, and some approval process will be required in the various member nations. Such approval is by no means guaranteed; there is some history of EU treaties being turned down. See the Associated Press article at Yahoo News.