European Council President Herman Van Rompuy has addressed the European Parliament in Strasbourg. The subject was a fiscal compact, designed to allow closer surveillance of countries' spending.

Van Rompuy said the intergovernmental treaty among up to 26 European Union countries will be finalized by March 2012. Its purpose is to prevent a repeat of the eurozone's debt crisis. A review of the adequacy of the 500-billion euro ceiling on the eurozone's combined bailout funds will also be completed by March.

European Council President Herman Van Rompuy during debate on the results of EU summit at the European Parliament headquarters in Strasbourg, France, on Tuesday.

European Commission President, Jose Manuel Barroso said Britain's demand for special treatment for financial services at last week’s EU summit would have harmed the bloc’s single market. He warned the intergovernmental deal will not be enough on its own, and said member states must also restore growth and boost employment.