The proposed Treaty on Stability, Coordination, and Governance in the Economic and Monetary Union was finalized on Monday, January 30, 2012. All member states signed on except the United Kingdom and the Czech Republic. After the informal summit the European Council set out the plan for its becoming law as follows:

"The treaty will be signed in March and will enter into force once it has been ratified by at least 12 euro area member states. It will be legally binding as an international agreement and will be open to the EU countries which do not sign it at the outset.
The aim is to incorporate it into EU law within five years of its entry into force."

Controversy surrounding the agreement and various related proposals has the Greek debt crisis as its focus. The EUtopia Blog is one free source (major UK papers and the Financial Times of course provide extensive analysis) with good discussion of the issues.