New treaty in force when 9 countries have ratified

The first draft of a new treaty meant to tighten economic governance in eurozone countries was circulated Friday (16 December) with the aim to have the text finalised by January and coming into force once nine countries have ratified it.

The ratification threshold would allow the treaty to go into place even if some euro states - such as Ireland which may have to hold a referendum - are having problems getting domestic approval.

A euro country that rejected the treaty after it had...