Treaty of 2 March 2012 (2012-03-16)

On 2 March 2012, EU Member States - without Great Britain - signed the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union. The question, assuming that all signatories will approve and ratify the Treaty, remains whether the Treaty once entered into force, shall achieve the intended objectives. Essentially the Treaty confirms the conclusions of the European Council of 26 October 2011. Surveillance of the implementation of the rules already agreed upon in the Growth and Stability Pact, is to be strengthened. The agreement to improve the governance of the EMU is restricted to strengthening economic policy coordination through an informal Summit, twice a year with its own president (article 12).