European leaders agree to tighten financial measures in Eurozone

World News
09-12-2011 | 04:55
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European leaders agree to tighten financial measures in Eurozone
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European leaders agree to tighten financial measures in Eurozone
French President Nicolas Sarkozy said that member states of the Eurozone intend to increase the resources of the International Monetary Fund by €200 billion, adding that this sum might be used later on to help faltering countries members of the European Monetary Union.

At the end of the first day of Brussels summit, Sarkozy said that the European Central Bank will entrust the board of directors of the European fund with the task of establishing a financial stability and devising a European stability mechanism which will replace the fund in 2012.

For its part, German Chancellor Angela Merkel said that that the EU summit regarding the Euro crisis “bore its desired fruits” and will allow the Euro to regain its “credibility”.  

U.K. PM David Cameron stressed that his decision to refuse amendments brought to the EU Treaty was a hard yet the right decision to make.
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