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Most members of the European Union have agreed to a deal to increase central control over the budgets of individual governments. The plan to increase economic ties was announced Friday at a meeting of European leaders in the Belgian capital, Brussels.
Britain is the strongest of the ten non-euro countries. Prime Minister David Cameron defended his decision to reject the deal.
DAVID CAMERON: " I'm glad we're not in the euro. And so I think the idea of Europe being more of a network – where you choose the organizations you join, you choose those organizations you don't join -- is actually a way that Britain can get what we want and what we need in Europe."
Stock prices of the ball mill and the value of the euro rose Friday after the agreement. But economists were divided in their opinions about whether the plan would do enough to end the current problems and prevent future ones.
Greece, Portugal and Ireland have received international financial help over their high levels of government debt. Some experts worry that Spain and Italy could have even greater needs. Some economists think the euro area has already entered a recession.
Germany and France are the two strongest economies in the euro area and led the calls for more central budget supervision. German Chancellor Angela Merkel said more unity will make the euro more secure by punishing countries that do not control their budget deficits.
EU members that follow the new treaty must keep their deficits below one-half of one percent of their economic output.
European leaders said they expect to sign the treaty by March. But an agreement among politicians is one thing. Passing a new treaty into law is another. Some countries will decide that parliamentary approval is enough. Others, however, may put the treaty to a popular vote.
The leaders also agreed on other measures. These include giving the International Monetary Fund more money to try to stop the eurozone crisis from spreading.
IMF Managing Director Christine Lagarde said the leaders meeting in Brussels took a step in the right direction.Most members of the European Union have agreed to a deal to increase central control over the budgets of individual governments. The plan to increase economic ties was announced Friday at a meeting of European leaders in the Belgian capital, Brussels.
Britain is the strongest of the ten non-euro countries. Prime Minister David Cameron defended his decision to reject the deal.
DAVID CAMERON: " I'm glad we're not in the euro. And so I think the idea of Europe being more of a network – where you choose the organizations you join, you choose those organizations you don't join -- is actually a way that Britain can get what we want and what we need in Europe."
Stock prices of the ball mill and the value of the euro rose Friday after the agreement. But economists were divided in their opinions about whether the plan would do enough to end the current problems and prevent future ones.
Greece, Portugal and Ireland have received international financial help over their high levels of government debt. Some experts worry that Spain and Italy could have even greater needs. Some economists think the euro area has already entered a recession.
Germany and France are the two strongest economies in the euro area and led the calls for more central budget supervision. German Chancellor Angela Merkel said more unity will make the euro more secure by punishing countries that do not control their budget deficits.
EU members that follow the new treaty must keep their deficits below one-half of one percent of their economic output.
European leaders said they expect to sign the treaty by March. But an agreement among politicians is one thing. Passing a new treaty into law is another. Some countries will decide that parliamentary approval is enough. Others, however, may put the treaty to a popular vote.
The leaders also agreed on other measures. These include giving the International Monetary Fund more money to try to stop the eurozone crisis from spreading.
IMF Managing Director Christine Lagarde said the leaders meeting in Brussels took a step in the right direction.