EU Reaches New Deal to Save the Euro Zone, Stock markets and the value of the euro currency rose after most members of the European Union on Friday approved a new agreement to boost their economic ties in order to save the struggling euro zone. But mixed reactions about the deal, which was reached after marathon talks among European leaders in Brussels.
A major step forward to save the euro zone - or a missed opportunity? Sharply divided opinion about the deal reached by most - but not all - European Union leaders on Friday.
European Central Bank head Mario Draghi responded positively agreeing on a more solid fiscal bond and tighter control over the government budget.
He said, "The agreement is very good for the euro zone, is very good. It's almost close to a solid fiscal agreement, and certainly will be the basis for economic policy are far more disciplined for the euro member states, and will certainly be useful in situations when this. "
EU Reaches New Deal to Save the Euro Zone
Twenty-three of the 27 EU member states have approved the deal, championed by powerful economic countries: France and Germany to ensure that the debt crisis and the European banking crisis does not happen again. This includes all 17 eurozone member countries that trouble.
However, in a press conference last Friday, the president of the European Union Herman Von Rompuy said three more countries are considering to join - this will make the UK as the only country that does not agree.
He said, "We prefer to change in full agreement with the 27 states that, change all the EU treaties. We've tried it, but because there is no unanimous decision, we have to take another decision."
German Chancellor Angela Merkel hailed the deal as a success.
Chancellor Merkel said countries that chose to form the new fiscal unity selecting future economic ties more solidarity, which will make the euro more secure.
EU Reaches New Deal to Save the Euro Zone
European Union members who comply with the new agreement must be committed to keep its budget deficit below 0.5 percent of their economic output - or risk sanctions. The deal is expected to be signed in March. European leaders also agreed on other steps to stop the spread of the euro zone crisis - such as the International Monetary Fund gives funds another $ 260 billion to shore up the financial protection.
A major step forward to save the euro zone - or a missed opportunity? Sharply divided opinion about the deal reached by most - but not all - European Union leaders on Friday.
European Central Bank head Mario Draghi responded positively agreeing on a more solid fiscal bond and tighter control over the government budget.
He said, "The agreement is very good for the euro zone, is very good. It's almost close to a solid fiscal agreement, and certainly will be the basis for economic policy are far more disciplined for the euro member states, and will certainly be useful in situations when this. "
EU Reaches New Deal to Save the Euro Zone
Twenty-three of the 27 EU member states have approved the deal, championed by powerful economic countries: France and Germany to ensure that the debt crisis and the European banking crisis does not happen again. This includes all 17 eurozone member countries that trouble.
However, in a press conference last Friday, the president of the European Union Herman Von Rompuy said three more countries are considering to join - this will make the UK as the only country that does not agree.
He said, "We prefer to change in full agreement with the 27 states that, change all the EU treaties. We've tried it, but because there is no unanimous decision, we have to take another decision."
German Chancellor Angela Merkel hailed the deal as a success.
Chancellor Merkel said countries that chose to form the new fiscal unity selecting future economic ties more solidarity, which will make the euro more secure.
EU Reaches New Deal to Save the Euro Zone
European Union members who comply with the new agreement must be committed to keep its budget deficit below 0.5 percent of their economic output - or risk sanctions. The deal is expected to be signed in March. European leaders also agreed on other steps to stop the spread of the euro zone crisis - such as the International Monetary Fund gives funds another $ 260 billion to shore up the financial protection.