Anti-crisis fiscal pact to be signed by 25 EU members

All but two of the 27 European Union (EU) member states are to sign a new fiscal treaty designed to enshrine tighter deficit and debt discipline, European Council President Herman Van Rompuy has said.

Britain and the Czech Republic are the two countries that would opt out, Van Rompuy said at a press conference that was originally focused on growth and employment in Europe amidst a debt crisis that still showed no sign of easing after plaguing the region for more than two years, the economictimes.indiatimes.com reports.

The new treaty will be signed by the EU leaders at a summit scheduled for March 1-2 and will enter into force when 12 countries have ratified it, the Radio Free Europe reported.

The process will allow it to start functioning even if Ireland, whose constitution requires it to hold a popular vote on international treaties, decides to hold a referendum on the text.