Live coverage of the European Union summit in Brussels LIVE

At stake at the European Union summit in Brussels, which began Thursday evening, is the future of the euro, the stability of the global financial system and the balance of power in Europe. Follow our live blog Friday for updates from Globe reporter Susan Sachs at the summit in Brussels and more news and analysis on the impact of the leaders’ decisions from Globe editors and reporters watching from their posts in Canada and around the world.

Good morning from Toronto. Here are the key developments overnight from the EU summit in Brussels, from Reuters and AP:

* The leaders of the 17 countries that use the euro, plus six others, have tentatively agreed to a new treaty that enforces stricter budget rules

* The effort by Germany and France to persuade all 27 European Union countries to agree to treaty changes failed, in large part because of Britain’s refusal to give up some powers.

* Permanent euro zone bailout fund active from July 2012

* The immediate market response was lukewarm, with stock markets in Europe fairly steady

by Rob Gilroy 6:07 AM
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