New EU Treaty on "European IMF" to Be Ratified by July 9

http://www.reuters.com/article/2012/06/21/us-eurozone-esm-start-idUSBRE85K0WV20120621

Summary

All 27 EU member states are working to ratify a new treaty that is set to go into force by July 9. They have a mechanism sort of like it already in place, but they prefer this one because it acts as a sort of international monetary fund for Europe. It's an advantage because when Europe does bailouts it doesn't increase the debt of Eurozone treaties. It's basically a "permanent bailout fund."

However, this is not the most controversial treaty. The most controversial treaty is intended to go into force by this January.

All of these revolve around efforts to resolve the European sovereign debt crisis.


(Image from wikipedia.)