The only difference between the new Treaty and the Constitution is that the new Treaty does not have the political symbolism of being a Constitution, nor of having been approved by referenda in France and the UK and a few other places (not a full vote by all Europeans, but far more comprehensive than anything before it).

So it's still the EU clanking about rather than being carried by a grand political ambition. In that sense, it pleases the euroskeptics, I suppose. Business as usual.

Although, of course, they know that the EU has a life of its own, and the added powers for the Parliament and a few other changes may have major political impacts in the medium term. We'll see.

In the long run, we're all dead. John Maynard Keynes