marcus evans finance – Agreement to protect the single currency, European economy

EU leaders have agreed on a limited change to the EU treaties to create a permanent mechanism for dealing with financial crises in countries that use the euro as their currency.

The EU summit also agreed to push ahead with plans for greater economic co-ordination among member states.

EU leaders agreed to amend the EU treaties to allow for a permanent crisis mechanism for the countries of the euro zone, and on the exact text to be added to the treaty.

European Council president Herman van Rompuy said because the treaty change did not add to the powers of the EU, all states agreed to use the so called simplified procedure, a fast track system for changing the EU treaties introduced by the Lisbon treaty.

The states also agreed on the broad outlines of the permanent crisis mechanism, which include provision to make bondholders share losses in the event of a sovereign default on bonds issued after 2013.

Commission President Jose Manuel Barosso said all states agreed to do whatever was necessary to defend the single currency and the European economy.

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