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BRUSSELS (AP) -- The leaders of 25 European countries on Friday signed a new treaty designed to prevent the 17 members of the eurozone from living beyond their means and avoid a repeat of the region's crippling debt crisis.
The leaders hope the rules for budget discipline set out in the accord, known as the fiscal compact, will also lead to closer political and economic integration in the eurozone.
"It will bring us, as it were, the economic and monetary union that is finally walking on two legs," said European Council President Herman Van Rompuy, who oversaw the drafting of the treaty and its formal signing at a summit in Brussels on Friday.
Only Britain and the Czech Republic decided not to sign the agreement, a move that triggered concern over a rift in the 27-country European Union.
Read more: http://finance.yahoo.com/news/european-states-sign-fiscal-treaty-094626946.html
BRUSSELS (AP) -- The leaders of 25 European countries on Friday signed a new treaty designed to prevent the 17 members of the eurozone from living beyond their means and avoid a repeat of the region's crippling debt crisis.
The leaders hope the rules for budget discipline set out in the accord, known as the fiscal compact, will also lead to closer political and economic integration in the eurozone.
"It will bring us, as it were, the economic and monetary union that is finally walking on two legs," said European Council President Herman Van Rompuy, who oversaw the drafting of the treaty and its formal signing at a summit in Brussels on Friday.
Only Britain and the Czech Republic decided not to sign the agreement, a move that triggered concern over a rift in the 27-country European Union.
Read more: http://finance.yahoo.com/news/european-states-sign-fiscal-treaty-094626946.html
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