New European Agreement: Good but Maybe Not Good Enough
December 09, 2011 at 09:31 AM EST
The statement out of Europe says the leaders will be working toward "a new fiscal compact and strengthened economic policy coordination," but the failure of the U.K. to sign on means that any treaty will likely be outside the EU. It will essentially be a multilateral agreement. It's not clear whether the institutions set up to service the EU - or the euro zone - will be able to service this new agreement.