The latest draft of the 'fiscal compact' has been leaked. There are some interesting changes. Most notable from an Irish perspective is that previous wording insisting that a new balanced budget rule be embedded at "constitutional or equivalent" level has been replaced. In this version, the rule should be introduced "through provisions of binding force and permanent character, preferably constitutional, that are guaranteed to be respected throughout the national budgetary processes" (emphasis added). This has important implications for the decision on whether or not a referendum on the treaty will be required in Ireland.