Uploaded by FinancialNewsOnline on Dec 9, 2011
Members of the EU met Friday to hopefully agree to a treaty which would enable the Euro to become stronger and avoid a possible European financial collapse. The summit agreed on stricter budget rules for the euro zone but failed to secure changes to the EU treaty among all the member countries.
Mario Draghi, president of the European Central Bank said this of the agreement, "It's going to be the basis for a good fiscal compact and more discipline in economic policy in the euro area members."
Investors appeared to embrace the deal and stock futures advanced. However, the UK refused to agree to the deal stating there were no safeguards for British financial services. It also remains unclear as to how these new fiscal rules would be enforced.
Mario Draghi, president of the European Central Bank said this of the agreement, "It's going to be the basis for a good fiscal compact and more discipline in economic policy in the euro area members."
Investors appeared to embrace the deal and stock futures advanced. However, the UK refused to agree to the deal stating there were no safeguards for British financial services. It also remains unclear as to how these new fiscal rules would be enforced.
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