<p><br /> EU leaders have changed a treaty in a dramatic move to calm financial markets and restore the credibility of the single currency.<br /> </p><p><br /> The "limited" revision of the Lisbon Treaty - 10 years in the making and intended to last unchanged for decades - will be confirmed on the second day of an EU summit grappling with the fallout from months of stop-gap measures to shore up ailing economies in the eurozone.<br /> </p><p><br /> A new "European Stability Mechanism" will replace the existing temporary emergency rescue arrangements under which massive sums have been injected into Greece and Ireland to help prop them up and restore single currency stability.<br /> </p><p><br /> The move required a treaty change to make it legally watertight, and Prime Minister David Cameron backed the treaty revision because any financial fallout lands only on the eurozone governments.<br /> </p><p><br /> Crucially for Mr Cameron, the "limited" change does not amount to any increase in EU powers - avoiding the risk of a referendum challenge from Eurosceptics.<br /> </p><p><br /> But Mr Cameron did not completely duck the danger of some future UK financial liability if more eurozone countries hit the economic rocks.<br /> </p><p><br /> A treaty "natural disaster" article which allowed the EU budget to be used as collateral to raise money for Greece and Ireland could theoretically be used again in future if the new permanent bailout mechanism is not enough.<br /> </p>
