EU summit: UK and Czechs refuse to join fiscal compact
The Czech Republic has joined Britain in refusing to sign a controversial EU treaty which proposed handing more powers to Brussels.
25 out of the 27 member countries have signed the new pact which is aimed is aimed at stopping overspending by eurozone countries. Its is hoped that the agreement will reassure investors that lessons have been learned in the current debt crisis.
 |
| EU leaders met in December but have struggled to implement fiscal harmony |
At the talks, EU leaders admitted there were no "quick fixes" to the continent's sovereign debt woes but they promised to stimulate growth and create jobs. Approximately there are 23 million unemployed people in Europe. The EU leaders pledged they must "do more to get Europe out of this crisis" as they pledged to offer more training to young people in their search for work.
They also pledged to reduce barriers to doing business across the EU's 27 countries, and ensure small firms have access to credit but there was no offer any new financial stimulus.
Over the course of Europe's two-year debt crisis, leaders have repeatedly tried to reassure investors by pledging to cut spending and reduce their deficits. But those austerity measures have hurt growth, and Europe is now facing a new recession.
