Malta is satisfied with the latest negotiated text of the EU's Fiscal Pact and is ready to sign it.

Speaking to timesofmnalta.com prior to the start of an EU summit in Brussels this afternoon, Prime Minister Lawrence Gonzi said that 'during the technical negotiations on the text, agreed in principle last December, Malta was able to clear all its outstanding issues and now is in a position to sign the new treaty."

The new intergovernmental treaty is the main topic on the agenda of today's informal summit in Brussels. It is being held amid a general strike in Belgium due to the austerity measures announced by the Belgian government to rein in its rising debt and deficit.

The new treaty, which is expected to be agreed by all the EU member states, except the UK, is aimed at consolidating fiscal discipline among the EU.

If agreed today, the treaty is expected to be signed in March. It obliges member states to cut their deficit by 0.5 per cent of GDP every year, to move towards a balanced budget and to insert a 'golden rule' in their constitutions declaring their commitment to balance their books.

Member states will have until March 2013 to ratify this new Treaty.

Prior to the beginning of the summit, Dr Gonzi held a 'tete a tete' meeting with the President of the European Council Herman Van Rompuy.

No details have been given on this meeting.