The “limite” text – published exclusively by The Daily Telegraph, is secret, restricted for the “eyes only” of diplomats and officials preparing for the 28 and 29 June European Council in Brussels.

Most of the text, the annexed “Compact for Growth and Jobs”, are deals on project bonds and other small scale EU initiatives that FranCois Hollande is trumpeting as a €120bn “growth pact”.

The first draft is relatively uncontroversial because the eurobond and “banking union” issues are currently all too sensitive to be committed to paper for officials.

Other so-called “non-papers” are circulating at a top secret level between national capitals and Brussels.

The difficult issues not included in the draft are the “p.m” items in the draft: “other financial stability measures” and “PEC report on EMU”.