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News Link • European Union

EU Leaders Forge Fiscal Pact

• Wall Street Journal
European Union leaders Friday agreed to forge ahead with a new deal on economic governance without the support of the U.K., but they again balked at marshaling the large sums experts believe will be necessary to ensure financing for Italy and Spain and prevent a collapse of the euro zone.

The 17 countries of the euro zone formally agreed to run only minimal budget deficits in the future and allowed the European Court of Justice the right to strike down national laws that don't enforce such discipline properly.


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