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European Council: The euro: Statement by the euro area Heads of State or Government

01 December 2011

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European Council: The euro: Statement by the euro area Heads of State or Government (9 December, pdf): This Statement was agreed by the 17 Prime Ministers of the 17 euro member states plus 9 governments - not in the euro - Bulgaria, Czech Republic, Denmark, Hungary, Latvia, Lithuania, Poland, Romania and Sweden who "indicated the possibility to take part" in the new fiscal pact after consulting their parliaments.

The new "fiscal rule" defines national budgets as being balanced if the annual structural deficit does not exceed 0.5% of nominal GDP. This rule has to be incorporated into national constitutions and will involve the loss of national sovereignty over budgets which have to be agreed and then monitored by the European Commission (Point 4).

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EU-EURO: Statewatch Analysis: The euro area: Comments on the EU Summit meeting 9 December 2011 (pdf) by Professor Steve Peers, University of Essex

 

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