25 out of 27 European Union leaders signed the fiscal treaty in Brussels today. The treaty aims to monitor budget discipline by imposing automatic corrections of deficits that fall away from agenda and will start to take effect on Jan 1, 2013.The EU leaders’ effort to coordinate came in the day after Eurozone reported another record high jobless rate. Among the 17 countries using the euro, jobless rate climbed to 10.7% in Jan followed a slight upward revision in Dec to 10.6%. Spain continues to hold the highest unemployment rate in the Eurozone at 23.3%. Austria sits the lowest on the spectrum at only 4%. Italy, which is going through the second recession in four years, has its unemployment rate rose to 9.2% in Jan from 8.9% in Dec.
