Radical EU treaty revisions could deepen euro crisis

LONDON - Radical revisions of the EU treaty as a last-resort solution to preserve the euro may push the eurozone into a deeper crisis, European analysts warned.

"The necessary fiscal discipline that will be imposed on heavily indebted countries will create deep social difficulties, which, if poorly managed, could hurt them for the generation to come," said Didier Cossin, a professor of finance and governance at the Switzerland-based IMD Business School.

Cossin's words came as European Union leaders in Brussels planned to discuss proposals on Thursday and Friday to revise the Lisbon Treaty to ensure that tough new fiscal rules for the eurozone are placed on a legal footing.