Attempts to rescue the euro will focus on a deal among the 17 nations that use the single currency, French President Nicolas Sarkozy has said.
Nicholas Sarkozy said he would have preferred a treaty among all the members of the EU
Speaking after all-night talks at an EU summit in Brussels, he said the eurozone bloc set a March deadline to approve an inter-governmental treaty.
France and Germany had wanted all 27 members to back treaty changes on tough budget rules to solve the debt crisis.
But Britain sought concessions that Berlin and Paris did not accept.
Speaking at a news conference after nearly 10 hours of talks, Mr Sarkozy said he would have preferred a new treaty among all the EU members.
But he said that British Prime Minister David Cameron had proposed a protocol to be written in the deal allowing London to opt-out on proposed change on financial services.
"We could not accept this," Mr Sarkozy said.
Mr Cameron had earlier repeatedly warned he would veto anything which harms British interests.
Mr Sarkozy added that Hungary also decided to remain outside the proposed treaty, while the Czech Republic and Sweden wanted first to consult with their parliaments.
"All the others have wished to join the inter-governmental treaty," the French leader said.
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