The Czech President, a Eurosceptic, named Vaclav Klaus might be very much reluctant to be involved in signing the treaty, the analysts tell. The aim is very much nearer co-ordination of the budget policy from corner to corner of the EU for preventing excessive debt accumulating.
The largest lender of eurozone is Germany and it has the most dominant economy – was mainly enthusiastic to have a great binding treaty which will actually be adopted for enforcing the budget rules. That treaty would empower “European Court of Justice” for monitoring compliance as well as impose the fines on the rule-breakers. That contract spells out also the improved role of European Commission for scrutinizing the national budgets. The British PM David Cameron said “We will not be ratifying this treaty and it places no obligation on the UK”
Czech Republic also is not in the eurozone, but just like other fresh EU member state it is actually committed to bonding. The leaders of European Union discussed also ways of stimulating the economic growth inspite of the severe austerity budget in most of the countries – as well as focused on exactly how to lessen the unemployment rate all the eurozone. United Kingdom as well as Denmark is only two states with the explicit opt-out from the eurozone.
Mr Cameron again told “it’s good that the new treaty is absolutely explicit and clear that it cannot encroach on the competences of the EU”. He also added “They must not take measures that in any way undermine the EU single market,” he said, adding: “we’ll be watching like a hawk”. Mr. Cameron gave importance on that the contract could impose such “no obligations on the UK”. He utilized his veto at last month for opting out of treaty, in conflicting that the United Kingdom needed to carry on its authority over financial service in London. Actually the eurozone catastrophe dominated the summit of Monday, with the debt-laden country Greece still remains at the risk of evasion.