EU Council reported underway

A report from European Voice is probably about the best we can expect this evening, so I quote the main thrust, provide this link and will review other news tomorrow.

Herman Van Rompuy, the president of the European Council, will present a report on ways to boost economic discipline in the eurozone, including changes to the existing treaties, to EU leaders at an informal dinner this evening.

The report was drafted by Van Rompuy, José Manuel Barroso, the president of the European Commission, and Jean-Claude Juncker, Luxembourg's prime minister who also chairs meetings of the Eurogroup of eurozone finance ministers.

The report calls for a staggered approach to treaty change. Van Rompuy says that one relatively quick way to bring in tougher rules would be by amending a protocol attached to the treaties. The amendment would introduce an obligation for eurozone member states to balance their budgets. Van Rompuy argues that changing the protocol would not need a lengthy ratification process in national parliaments but could be done by a unanimous decision of the European Council.

The report also includes treaty changes that would require ratification, which could take 18 months. These include measures to give the Commission the power to order countries that fail to respect debt and deficit rules to revise their budgets.