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15/12/2011
EU Agreement To Be Signed By March
The agreement by most EU governments struck last weekend despite the UK's veto will be signed in March, according to the President of the European Commission.
Speaking to the European Parliament about decisions made on 8-9 December by EU leaders, Commission President Jose Manuel Barroso said the decision by 26 out of 27 governments on a new intergovernmental treaty setting tighter budget rules showed their readiness to move ahead with further European integration.
Mr Barroso said further economic integration should be complemented by moves to restore growth and create jobs.
The treaty will require governments to keep their general budgets balanced or in surplus. Those who exceed a deficit cap of 0.5% of GDP would have to bring their budgets back into balance under the oversight of the Commission and other EU countries.
Meanwhile, EU leaders will decide soon on whether to provide the IMF with up to €200bn more to help debt-stricken eurozone countries.
In March 2012 they will discuss ways to further budget coordination and examine a proposal to allow the eurozone to collectively issue bonds.
(DW)
Speaking to the European Parliament about decisions made on 8-9 December by EU leaders, Commission President Jose Manuel Barroso said the decision by 26 out of 27 governments on a new intergovernmental treaty setting tighter budget rules showed their readiness to move ahead with further European integration.
Mr Barroso said further economic integration should be complemented by moves to restore growth and create jobs.
The treaty will require governments to keep their general budgets balanced or in surplus. Those who exceed a deficit cap of 0.5% of GDP would have to bring their budgets back into balance under the oversight of the Commission and other EU countries.
Meanwhile, EU leaders will decide soon on whether to provide the IMF with up to €200bn more to help debt-stricken eurozone countries.
In March 2012 they will discuss ways to further budget coordination and examine a proposal to allow the eurozone to collectively issue bonds.
(DW)
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