Leaders of the 27 member states of the European Union sign Thursday in Lisbon a new reform treaty that is to replace the failed EU constitution.

EU governments say the Lisbon Treaty will ensure the bloc's international influence and prosperity in the 21st century.

The treaty is a toned down version of the failed EU constitution that scrapped the most unpopular aspects of the previous document such as a European flag and anthem, though still retained procedural changes that allow faster decision making.

A double majority voting system - approval by at least 55 percent of the number of member states representing at least 65 percent of the EU's total population - is introduced to the Council of the EU.

The new treaty also ends the bloc's rotating presidencies, which are to be replaced in 2009 by a long-term president of the European Council.

Bulgaria's PM Sergey Stanishev is in Portugal for the signing of the document, which is the first major agreement that the country signs since it acceded to the EU.

The treaty signing will take place at noon in the cloister of Lisbon's Jeronimos Monastery, a symbol of Portugal's power in the 15th and 16th centuries.

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