Here four members of our European readers' panel react to the treaty deal and consider what is next for the EU.
COSTAS IOANNIDES, 30, NICOSIA, CYPRUS
The Reform Treaty will hopefully end the political paralysis and stagnation plaguing the EU.
From a Cypriot perspective, I think it will provide the much-needed cornerstone for the EU to finally fulfil its role in making positive changes internally for us as European citizens, as well as externally on the world stage.
Cyprus is a very small country and the EU provides us with a sense of security, so the strengthening of obligations between member states on the issue of defence is definitely a source of reassurance.
I also think the treaty will enable the EU to function as an effective mediator with the US.
MARCEL DE VRIES, 31, THE HAGUE, NETHERLANDS
I do not believe this treaty is a good thing. If it was, the leaders involved would feel confident to call a referendum in each of their countries.
I believe referendums are essential on this matter, because national politicians do not possess a mandate to give legislative powers away to Brussels.
This treaty has been drawn up with the specific goal of avoiding referendums, and that mindset is very worrying.
Essentially, when amalgamated with previous treaties, it creates an embryonic supreme government of Europe.
Why can't these leaders simply admit this is a movement towards federalisation?
I am wondering whether I can still call my country a parliamentary democracy, when so many powers of parliament have been given away.
We were not consulted on this and that's very disappointing.
VIKTORIJA SPURINA, 23, RIGA, LATVIA
It is a very positive sign that European leaders finally managed to reach an agreement, even though it turned out rather technical.
It is important at this point for the EU to move forward without being limited by an outdated political set-up.
This new agreement signals the end of a chapter of political stagnation and hopefully the beginning of a more dynamic one.
I believe that it could even prompt politicians and European citizens to return their focus towards developing a new European Constitution.
MATEJ KURIAN, 21, KOSICE, SLOVAKIA
Not much has changed since the treaty establishing a constitution for Europe went out the door and the Lisbon Treaty came back through the window, with pretty much the same content, in slightly less extravagant clothes.
It's EU political juggling at its best, involving a little bit of procedural trickery, the downplaying of the flagrant state-like symbols, and an opportunity for some leaders to reap the benefits.
However, the treaty does leave us with the hope that future decision-making will not require such trickery.
It should also ensure the EU is better equipped to deal with future political challenges.
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