EU leaders sign Treaty of Lisbon

A Czech government delegation led by Prime Minister Mirek Topolanek is in Portugal where EU leaders on Thursday signed the Treaty of Lisbon, a toned down version of the EU constitution which French and Dutch voters rejected in national referendums in 2005. The signing will start a ratification process by national EU parliaments which is to be concluded by January of 2009. The new pact aims to create a more effective foreign policy, stronger leadership and more streamlined decision making within the expanded 27 member block. Observers say that its chances of winning approval are higher than that of the old treaty since the vast majority of EU member states have indicated they will ratify the text in parliament. Only Ireland is constitutionally bound to hold a national referendum.