- What is the Fiscal Treaty?

The European Union fiscal treaty was agreed by 25 of the 27 European Union
states in January this year after Britain and the Czech Republic refused support.

The treaty is designed to prevent a repeat of the Greek debt crisis and protect
against the potential collapse of the euro currency.

Member states are obliged to keep their budget deficit below 3 per cent of gross
domestic product (GDP) and ensure their public debt does not exceed or is
sufficiently declining towards 60 per cent of GDP.

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