London, Dec 9(ANI): The UK has blocked changes to the Lisbon Treaty, which was seen as a potent weapon aimed at saving the Euro currency.
The Lisbon Treaty was signed by representatives of 27 European Union member sates on 13th December 2007,which aimed at reforming EU functioning and replacing the Constitutional Treaty that was rejected by the French and the Dutch in 2005.
European Council President Herman van Rompuy said the crisis would be resolved through the intergovernmental treaty ratified by 17 Euro Zone states plus six other European Union countries, but not all 27 EU members.
German chancellor Angela Merkel lauded the plan.
"I have always said, the 17 states of the Euro Group have to regain credibility. And I believe with today's decisions, this can and will be achieved," The Guardian quoted Merkel, as saying.
French President Nicolas Sarkozy said he would have preferred that the treaty be signed by all members of the European Union.
Sarkozy said the European Central Bank would oversee two bailout funds aimed at rescuing countries facing trouble refinancing their debts - the European Stability Mechanism (ESM), and the European Financial Stability Facility (EFSF).
The Brussels meeting had witnessed a clash between UK Prime Minister David Cameron and French President Sarkozy after Paris said London sought to exempt itself from all European Union regulations.
Britain refuted the suggestion saying Sarkozy was distorting the British move, which aimed to ensure that changes to the Euro Zone do not harm London.
The meeting examined how to re-open the Lisbon Treaty and establish a rigorous Euro stability pact with quasi-automatic penalties for fiscal sinners, stringent control of national budgets by EU bodies, and undertake structural changes to make the Euro Zone as a powerful entity. (ANI)
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