March 2, 2012
European Union leaders Friday signed the region's new fiscal pact, adopting strict new rules on deficits and debts, even as some members warned a tougher economic environment is challenging their fiscal commitments.
The accord, which was finalized in January and calls for sanctions on those member states that fail to meet targets, was signed by 25 member states. The U.K. and the Czech Republic opted out.
After a two-day summit Friday, EU leaders also recommitted to economic growth initiatives that several countries have been holding up, such as deepening the 27-member bloc's single market and creating a common energy market by 2014.
"There is now less tension regarding some issues related to the euro, so it was possible to focus minds on the need for structural reforms for growth," said European Commission President José Manuel Barroso.
Striking an upbeat tone, French President Nicolas Sarkozy said the euro zone had found the path out of the crisis.
"We're turning the page on the financial crisis," Mr. Sarkozy told a news conference after the summit. "The strategy we've implemented is bearing fruit."
But German Chancellor Angela Merkel cautioned against false hopes that the storm is over. Ms. Merkel said by flooding financial markets with capital, the European Central Bank bought European leaders precious time that mustn't be wasted.
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Read the text of EU Fiscal Treaty
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