According to the EU, treaties are “binding agreements.” Remember the Maastrictht Treaty requiring countries to maintain debt below 60% of GDP? The treaty that Germany and France were violating in 2003, well before the GFC. So now we have the latest fiscal treaty, requiring countries to ensure that their structural budget deficit does not exceed 0.5% of GDP. Violations will lead to “automatic correction” and the EU Court of Justice can impose penalties of up to 0.1% of GDP. If the EU Parliament spent half as much time helping implement sensible reforms in European economies as it spent on writing treaties that will be violated within months of being enacted then maybe Europe’s economies would move forward. The UK has already rejected this treaty, and I would hope that Irish voters reject the treaty at their referendum on this matter. While Europe crumbles van Rompuy scribbles.