The new European Treaty being drafted will not be the one we were anticipating. The draft agreed upon on 9 December last year in the declaration of the heads of state or government of the eurozone (which, as you will remember, borrowed largely from the Merkel-Sarkozy letter) is being broadly modified: this budgetary pact uniting the countries of the euro and the other member states (with the exception of the United Kingdom) wishing to join them will be different. Some changes should even be...