EU frames eurozone crisis rules aimed at averting another financial crisis
29-Oct-2010 (one comment)

Tough rules for the eurozone, aimed at averting another financial crisis, have been agreed at an EU leaders' summit.

The leaders agreed to a permanent fund to help the euro in times of crisis, and to laws giving the EU the power to check national budgets.

EU officials said the eurozone had almost collapsed earlier this year because it lacked such a mechanism.

Germany wants limited changes to the EU treaty to reinforce the changes, but is facing resistance from other countries.

Meanwhile, UK Prime Minister David Cameron won backing for his battle against a 5.9% rise in the EU budget.

Germany and France were among 10 nations supporting Mr Cameron's attempt to limit the budget increase to 2.9% - a rise that would still cost UK taxpayers roughly £435m (500m euros).

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Darius Kadivar

Never Underestimate Sarkozy ...

by Darius Kadivar on

Won't be surprised if against all odds Sarkozy is Re elected in 2012 !