December 15th, 2011
02:34 AM GMT
London (CNN) – Europe’s new treaty – dubbed the “fiscal compact” – is facing some hard realities on the ground. Signs the deal could be difficult to push through in both euro and non-euro countries are emerging.
In Warsaw, protestors have rallied against, among other things, Poland’s tacit agreement to lose some sovereignty to join the European treaty club. In London, political bickering continues over British Prime Minister David Cameron’s veto of the European deal.
In Ireland, a referendum may need to be held, with Irish Prime Minister Enda Kenny noting some detailed technical and legal considerations are yet to be clarified. Swedish Finance Minister Anders Borg says the country - which does not use the euro - would not agree to all the budget discipline rules. And the Czech Prime Minister Petr Necas has said the proposed pact is still just a blank piece of paper.
In Germany, Chancellor Angela Merkel told the Bundestag the path to stability continued. In Italy, new Prime Minister Mario Monti said the deal had done enough to calm the markets.
European leaders promised to sign off on this fiscal compact at its next leaders' summit in March. Will the markets give them the time to fill in the details... and the cracks?