EU summit: Treaty change language

We have just gotten our hands on the new treaty change language agreed to by the EU’s heads of government, and the change from the original language is very minor – meaning that efforts by Germany and the UK to get additional provisions included was successfully fended off.

Here’s the new language with the new additions in bold:

The Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality.

The text shows a clear effort to satisfy German demands that the new bail-out mechanism only be deployed in extremis, but it falls short of Berlin’s demand that it be explicitly described as a last resort.