A novice's guide to "fiscal compacts" and the EU Summit

So the eurozone is moving toward a "fiscal compact", possibly with a separate eurozone treaty. But what is a fiscal compact? And why was Britain isolated? Here's a quick guide.

9th December, 2011
A novice's guide to "fiscal compacts" and the EU Summit
Nicolas Sarkozy at the summit

So the eurozone is moving toward a fiscal compact, possibly with a separate eurozone treaty. But what is a fiscal compact? And why was Britain isolated? Here's a quick guide.

Essentially it's a deal that firms up existing commitments made by euro zone countries to keep their deficits to an agreed minimum level, thus avoiding the kind of debt crisis we have now. In future, for any countries that exceed that level, there will be...

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