A eurozone treaty will be finalised by March, European Council President Herman Van Rompuy told the European Parliament this morning.
Markets have been showing mixed reactions to Friday's "make or break" summit, which was long on big statements and promises that the imbalances that led to the eurozone's sovereign crisis would be addressed, but very short on near-term solutions to the growing solvency crisis in Italy and elsewhere.
Stocks have been on a roller coaster ride, powering up strongly in the immediate aftermath of the summit before plummeting on Monday and levelling out on Tuesday.
A successful Spanish debt auction shows that some investors remain optimistic that the crisis may still be resolved, or at least that they will not lose out in the event of another bailout - after policymakers reiterated that there would be no more private sector "haircuts", as with Greek debt.
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