European leaders arrived in Brussels on Monday for a key summit which they said would help bring about a return to growth but which economists predicted would mean more austerity.
Leaders were due to sign off on a 500 billion euro permanent rescue fund for the eurozone while agreeing to strict new rules to ensure EU nations managed balanced budgets.
Arriving for the meeting, German Chancellor Angela Merkel called on the EU to help Greece to achieve the budget targets they have been set.
Danish Prime Minister Elle Thorning-Schmidt, who’s country has the six month rotating EU Presidency, said economic growth and not just the debt crisis, was on the agenda.
“It is very important that we have a new discipline in our economies and second, we need to discuss growth and jobs in Europe,” said Thorning-Schmidt.
While an estimated 20 billion euros has been set aside for job creation, some MEPs think the real answer lies in better cooperation.
“If we want to solve the euro crisis we need to tackle the problem of solidarity, how we can mutualise the debt and how we can lower interest rates,” said Guy Verhofstaft, MEP from the Alliance of Liberals and Democrats in Europe.
The European Stability Mechanism was due to be signed, the 500 billion euro permanent bailout fund that could be operational as early as July.
Meanwhile a ‘fiscal compact’ will ensure nations manage their budgets effectively.
Copyright © 2015 euronewsMore about:
- 1Memorial march: “My hope for Russia has died with the death of Boris Nemtsov”
- 2Estonia votes in election amid concerns over Russia
- 3Tens of thousands march in Moscow in memory of Boris Nemtsov
- 4Turkish CCTV images show British girls on their way to join ISIL
- 5‘Blue’ dress causes internet confusion. Is it white and gold?
- 1‘Blue’ dress causes internet confusion. Is it white and gold?
- 2Tens of thousands march in Moscow in memory of Boris Nemtsov
- 3Putin promises to hunt down killers of opposition figure Boris Nemtsov
- 4Stand-off at ‘anti-Islamisation’ march in north-east England
- 5Japan: Was brutal murder of boy, 13, inspired by ISIL?
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Exclusive: CIA and Mossad are behind Boko Haram and ISIL, says Sudan president | euronews, world news
- 3eurovibes - a selection of Europe’s best music talent
- 4English and Spanish among happiest languages | euronews, world news
- 5Greek debt: who will pay if Greece fails? | euronews, world news
- 6Exclusive: Tsipras promises meritocracy, transparency for Greece, urges Europe to put people first | euronews, world news
- 7Watch: Ukraine MPs in fierce fist fight outside parliament | euronews, world news
- 8Dramatic dashcam video captures Taiwan plane crash | euronews, world news
- 9International news | euronews, latest international news
- 10Data ‘mocks’ claims migrants try for Europe ‘expecting’ sea rescue | euronews, world news
- 11European Union News | euronews: latest breaking news and headlines about European Union
- 12Kosovo emptying out, hopes for independent future exhausted | euronews, world news
- 13Tens of thousands march in Moscow in memory of Boris Nemtsov | euronews, world news
- 14‘Blue’ dress causes internet confusion. Is it white and gold? | euronews, world news
- 15Live updates: follow the 2015 Oscars ceremony | euronews, world news
- 16euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 17Implanted RFID chip controls office access for Stockholm workers | euronews, hi-tech
- 18Barack Obama’s silly Buzzfeed video goes viral | euronews, world news
- 19Elastic road surface reduces motorway noise pollution | euronews, futuris
- 20Canada: Valentine’s Day mass shooting plot foiled say police | euronews, world news
Wires > News
- 07:16 CET Americans say keep politics out of the Fed – poll
- 07:12 CET Africa’s medicine men key to halting Ebola spread in Guinea
- 06:12 CET North Korea, angered by drills, fires short-range missiles off…
- 05:40 CET Trial to push for better flight tracking a year after MH370
- 05:33 CET Hopes for peaceful Russian transition fade with Nemtsov – Kasparov
- 05:31 CET Setting aside rancour over Hong Kong, China welcomes Prince William
- 05:25 CET Iraq launches offensive on Islamic State
- 05:21 CET Australia bars travel to Mosul ahead of planned offensive