The EU's Lisbon Treaty comes into force today, bringing to fruition a five-year process to adopt a new set of rules that would allow the bloc to function more efficiently.

It is the culmination of an often acrimonious passage, first as a fully-fledged EU Constitution, rejected by France and the Netherlands, and then a watered-down version, the Lisbon Treaty, that was rejected by the Irish electorate only to be approved in a second referendum.

The new treaty helps the EU streamline the workings of its institutional cog wheels, permitting it to make quicker decisions and smoothen the entry of new members.

The most visible bonus for Malta is the addition of a sixth MEP. On the other hand, Malta will lose its veto in some 50 areas of EU policymaking, including judicial and police cooperation, immigration and asylum, education and economic policy.

Unanimity, however, will still be required in key areas such as foreign and defence policy, social security and taxation issues.

Malta will also retain its right to nominate an EU Commissioner every five years, something which was lost under the first Constitutional draft treaty.

The Lisbon Treaty includes the binding Fundamental Rights Charter, a list of well-established rights such as freedom of speech and religion and the right to shelter, education, collective labour bargaining and fair working conditions. Britain, Poland and more recently the Czech Republic obtained an opt-out from this charter.