Here it is. Cameron hasn’t even got his four year ban on migrant benefits, instead a watered down “graduated system” will be introduced.

Key points:

Migrant benefits

• Emergency brake on immigration “will provide for an alert and safeguard mechanism that responds to situations of inflow of workers from other Member States of an exceptional magnitude over an extended period of time”

• If migrants are “putting an excessive pressure on the proper functioning of its public services”, then the EU “could” permit limiting of benefits for four years: “The limitation should be graduated, from an initial complete exclusion but gradually increasing access”

• Migrants not banned from sending child benefit back home, instead there will be “an option to index such benefits to the standard of living in the Member State where the child resides”

Ever closer union

• “It is recognized that the United Kingdom, in the light of the specific situation it has under the Treaties, is not committed to further political integration into the European Union”

Competitiveness

• “the EU must increase efforts towards enhancing competitiveness”

Economic sovereignty

• “It is acknowledged that Member States not participating in the further deepening of the economic and monetary union will not create obstacles to but facilitate such further deepening while this process will, conversely, respect the rights and competences of the non-participating Member States”

On the ‘red card’

• “Where reasoned opinions on the non-compliance of a draft Union legislative act with the principle of subsidiarity, sent within 12 weeks from the transmission of that draft, represent more than 55 % of the votes allocated to the national Parliaments, the Council Presidency will include the item on the agenda of the Council for a comprehensive discussion on these opinions and on the consequences to be drawn there from.Following such discussion, and while respecting the procedural requirements of the Treaties, the representatives of the Member States acting in their capacity as members of the Council will discontinue the consideration of the draft legislative act in question unless the draft is amended to accommodate the concerns expressed in the reasoned opinions.”

Note the words “could“, “graduated” and “exceptional“. Brussels decides whether the criteria are met for any of the new conditions to be activated…