Milos Zeman signs a ratification of a change to the Lisbon treaty in support of a fund to assist eurozone members that run into difficulties.

Despite the little local difficulties in Cyprus, not all news about the eurozone is doom and gloom. One of the side-effects of a visit to Prague this week by European Commission President José Manuel Barroso was that Milos Zeman, the new president of the Czech Republic, signed a ratification of a change to the Lisbon treaty, stemming from the creation of the European Stability Mechanism (ESM), a fund to support eurozone members that have run into difficulties. It is fortunate that the ESM itself did not need the EU treaty change, because Zeman’s predecessor, Václav Klaus, had been refusing to sign and the Czech Republic was the last country to ratify. Treaty wonks will sleep happier at night knowing that the European Council decision amending article 136 of the treaty on the functioning of the European Union can enter into force on 1 May – assuming the eurozone lasts that long.

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