| Author (Person) | Chaffin, Joshua |
|---|---|
| Series Title | Financial Times |
| Series Details | 19.10.10 |
| Publication Date | 19/10/2010 |
| Content Type | News |
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Article reports that the European Union treaties would be re-opened as part of a sweeping deal struck by Germany and France on the 18 October 2010 to reform the eurozone’s budget rules in the wake of the 2010 Greek debt crisis that threatened the single currency. Nicolas Sarkozy, the French President, consented to a renegotiation of the treaties to create a permanent EU mechanism to resolve future sovereign debt crises. Later on the same day European finance ministers in Luxembourg agreed on the deal. European Council President Herman van Rompuy hailed the results of negotiation as 'a great step forward in economic governance'. However, German commentators saw the agreement differently. SOI reports that Germany had caved in to France on the reform of the euro zone's Stability Pact by agreeing to jettison plans for automatic sanctions against countries that breach budget rules. The EU was in danger of breaking its promise to get its house in order in the wake of the Greek crisis, said German commentators. |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe, France, Germany |
