‘The Spaniard is refusing to reduce his deficit as promised, the Greek is going to default, the Italian is grumbling, the Irishman wants a referendum and the Dutchman isn’t looking so proud any more … Angela, it’s not going to be so easy to ratify the new EUROPEAN TREATY. ¡Pobre de mi!’ On 10 March 2012, French cartoonist Michel Iturria paints an ironic picture of the difficult ratification of the new European budget pact, officially known as the Treaty on Stability, Coordination and Governance. On 2 March, at a summit in Brussels, 25 European Union countries sign this treaty which will impose strict budgetary discipline in a bid to combat the debt crisis in the euro zone more effectively. German Chancellor Angela Merkel (on the left) and French President Nicolas Sarkozy (centre), shown in traditional Bavarian costume, are strong advocates of the new treaty and are irritated at the difficulties in ratifying it. The group of three people is composed from left to right of Spanish Prime Minister Mariano Rajoy, Greek Prime Minister Lucas Papademos and Italian Prime Minister Mario Monti.