"It [signed fiscal compact] helps prevent a repetition of the sovereign debt crisis"
- Herman Van Rompuy, President of the European Council
All but two of the European Union leaders Friday signed a treaty to adopt strict new rules on national deficits and debts. Only Britain and the Czech Republic did not sign the agreement.
"This stronger self-constraint ... as regards debts and deficits is important in itself," said Herman Van Rompuy, a President of the European Council.
"It helps prevent a repetition of the sovereign debt crisis," he said, in a speech given during the signing ceremony. "The restoration of confidence in the future of the eurozone will lead to economic growth and jobs. This is our ultimate objective."
"You now all have to convince your parliaments and voters that this Treaty is an important step to bring the euro durably back into safe waters," he told heads of state. "I am most confident you will succeed."
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