Highlights of EU-Britain reform deal

European leaders on Friday reached a deal on British Prime Minister David Cameron's reforming plan to give Britain special status in the European Union (EU). Here are some of the highlights:

SOVEREIGNTY

Cameron has secured recognition from the EU that Britain is not committed to further political integration within the bloc.

According to the deal, references in EU treaties to ever closer union do not apply to Britain.

The leaders agreed on a "red card" system that will require the backing of 55 percent of the 28 national parliaments to stop or amend newly proposed EU legislation.

ECONOMIC GOVERNANCE

Britain, home to Europe's most important financial center, the City of London, is concerned that possible discrimination from the eurozone could harm its interests.

In response, the EU leaders approved a mechanism to address the concerns of non-euro states, allowing for "the coexistence between different perspectives."

However, European Commission President Jean-Claude Juncker said the deal did not include giving London a veto over eurozone issue.

IMMIGRATION

Britain will be entitled to deny in-work benefits to newly arrived workers from other EU states for their first four years in the country; it will be able to apply this "emergency brake" to new arrivals during a seven-year period from the measure first being used.

Britain also called for reduction of child benefits for EU workers whose families live abroad.

EU leaders agreed to let any member state adapt child benefits for

these workers to costs in the country where their family is living. Under the compromise, this will apply only to new claims until 2020, when it can be extended to previously existing child benefit payments.

COMPETITIVENESS

Britain has been assured that the EU will take concrete steps to improve its competitiveness such as cutting red tape for business, pursuing an ambitious trade policy, encouraging entrepreneurship and boosting job creation. Endi