December 13, 2011
Senior European officials said on Tuesday that it could be difficult to convert last week's summit accord for tougher budget discipline among euro-zone governments into a watertight legal pact, emphasizing the agreement's path to fruition could be tough.
As the reassessment continued of the results of last week's summit of European Union leaders, the euro sank further against the dollar, following Monday's sharp declines. Stock markets reversed early gains, amid continued nervousness that Standard & Poor's would deliver its verdict on the summit with a downgrading of some top-rated governments, including France.
In remarks to the European Parliament in Strasbourg, EU President Herman Van Rompuy said the U.K.'s veto of an EU-wide agreement, forcing member states to sign a separate accord among themselves, would complicate the task of implementing new, stricter fiscal rules.
"An intergovernmental treaty was not my first preference, nor that of the most of the member states.…It will not be easy, also legally speaking. I count on everybody to be constructive, bearing in mind what is at stake," he said.
Mr. Van Rompuy's remarks appeared directed in part at the U.K., which could further obstruct implementation of the accord if it chose to do so.
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