From REUTERS:
All but two European Union countries signed a fiscal pact to tighten budget discipline on Friday, marking a coup for Germany that pushed for the accord to prevent a repeat of the loose spending that led to economic crisis.
Only Britain and the Czech Republic did not sign the agreement, under which all other countries in the 27-nation bloc are to write a golden rule on balanced budgets into national constitutions or equivalent laws and automatic correction mechanisms if the rule is breached.
“This stronger self-constraint … as regards debts and deficits is important in itself,” said Herman Van Rompuy, who as President of the European Council played a key role in negotiating an agreement acceptable to all signatories…
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EDITOR: History may not view this in a kind light.
