Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Competing narratives in Malaysia Airlines disaster coverage

Read more

AFRICA NEWS

Kenya : Police arrest 8 over Mombasa rampage

Read more

FOCUS

Overfishing and the global appetite for bluefin tuna: can Tokyo turn the tide?

Read more

MEDIAWATCH

Too many graphic images from Gaza ?

Read more

FASHION

Who's next in Paris, an event with international ready-to-wear and fashion accessories collections

Read more

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

THE OBSERVERS

Muslims and Christians clean up Bangui, and violence spirals out of control in Algeria's Gardaia

Read more

IN THE PAPERS

Is there such thing as 'telegenic' victims of war?

Read more

IN THE PAPERS

2014-07-22 07:21 IN THE FRENCH PRESS

Read more

  • Israel hits targets in Gaza despite diplomatic efforts for ceasefire

    Read more

  • Flight MH17 shot down ‘by mistake,' US intelligence indicates

    Read more

  • Defying UK, France to proceed with sale of warship to Russia

    Read more

  • Conflicting rulings by two US courts cast shadow on future of Obamacare

    Read more

  • Video: Lebanon fears fallout from regional turmoil

    Read more

  • Widodo wins Indonesian presidential election

    Read more

  • US, European airlines suspend flights to Tel Aviv over Israel-Gaza conflict

    Read more

  • Australian veteran Rogers claims 16th stage of Tour de France

    Read more

  • France gives go-ahead to pro-Palestinian Paris rally

    Read more

  • French Jews mourn French-Israeli soldier killed in Gaza

    Read more

  • PSG punished by UEFA for abuse of disabled Chelsea fans

    Read more

  • Colombia's Rodriguez signs '€80m' contract with Real Madrid

    Read more

  • Children killed in minibus crash in eastern France

    Read more

  • A call for harmony in riot-hit ‘Little Jerusalem’ Paris suburb

    Read more

Europe

EU leaders back new budget rules to stave off crises

Video by Kathryn STAPLEY

Text by News Wires

Latest update : 2010-10-29

France and Germany have won support from their EU partners for limited changes to the Lisbon Treaty that would bolster the bloc’s defences against future financial crises.

REUTERS - The European Union on Thursday supported calls by Germany and France for limited changes to the bloc's main treaty to help shore up Europe's defences against any new financial crises.

EU leaders agreed at a summit that changes were needed to create a permanent system to handle sovereign debt problems and endorsed tougher budget rules, including sanctions on states that do not keep deficits and debt in check.
 
But Berlin failed to win widespread support for demands to suspend the voting rights of member states which breach the rules. This would have required more radical treaty change and will be looked at only after the other measures are dealt with.
 
The leaders asked Herman Van Rompuy, the president of the EU Council grouping national governments, to prepare changes to the Lisbon treaty in time for agreement at a summit in December and said he should work on them with the European Commission.
 
"Today we took important decisions to strengthen the euro zone," Van Rompuy told a news conference after discussions described by several participants as heated and emotional.
 
"We recommend a robust and credible permanent crisis resolution mechanism to safeguard the financial stability of the euro zone as a whole."
 
The changes to the treaty are to be agreed by mid-2013 and are part of Europe's efforts to ensure it can cope with any repeat of the Greek sovereign debt crisis this year which threatened the future of the euro.
 
Germany, Europe's biggest economy, says a permanent system must replace the ad-hoc 440-billion euro safety net created in May for all euro zone states. It also says it should be partly funded by the private sector and entail strict conditions.

 

Date created : 2010-10-29

  • EUROPEAN UNION

    Member states warm to proposals to tighten EU budget rules

    Read more

  • EUROPEAN UNION

    France, Germany seek changes to Lisbon Treaty at EU summit

    Read more

COMMENT(S)