All other than two of the EU's 27 leaders have signed a new treaty to enforce budget regulation within the community. Critics
argue that the pact is mainly a political gesture aimed at reassuring
taxpayers in Germany, the euro zone’s dominant economy, where there is
unwillingness to pay for further euro zone bailouts. German Chancellor Angela Merkel described it’s as a great leap, a first step towards stability and biased union.
The economic compact will at the present go before national parliaments and, in the case of the Irish Republic, a referendum. The
restoration of confidence in the future of the euro zone will lead to
economic growth and jobs. This is our ultimate objective. These new
powers may face an early test as both Spain and the Netherlands have
admitted they will fail to spot targets for reducing their deficits.
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