Following a two-day summit in Brussels focused on tackling the sovereign debtcrisis, European leaders agreed to draft a new treaty that will strengthen fiscal integration and enforce stricter financial discipline among European Union member states.
“The 17 Member States of the Eurozone and already many others [European Union Member States] are committed to a new fiscal compact,” said President of the European Council, Herman Van Rompuy. President Van Rompuy stressed that the major decisions taken at the summit will help “safeguard the Eurozone, both short-term and medium-term” and that it is about “more fiscal discipline; more automatic sanctions; stricter surveillance.”
European Commission President José Manuel Barroso said “work will now begin to rapidly flesh out the details of this new treaty. The European Commission will be active to ensure swift preparation of a treaty that is fully compatible with EU law and also that preserves the role of the European institutions.” More