On 9 December 2011, a new fiscal EU group was effectively formed as the Eurozone members and the other EU members (excluding the United Kingdom) agreed to a new multilateral agreement at a critical EU Summit in Brussels. The new agreement – the final provisions of which are to be agreed by March 2012 – will include measures for closer fiscal union. In addition to the new agreement, there were various financial measures agreed at the summit to strengthen the Eurozone’s ability to bail-out troubled members. Notwithstanding this new intergovernmental agreement, a change in Eurozone membership, at some time in the future, is no longer out of the question. It is timely for banks and other financial institutions and corporates to focus on their financial and legal redenomination risks. Our briefing note “Eurozone Crisis: Will Europe Win the Battle? – Practical Advice to Address Your Redenomination Risks” sets out a number of practical steps that will assist you in responding to a changing Eurozone landscape. Click here to read the briefing.