Euro zone leaders agree on competitiveness pact: Van Rompuy

12:44, March 12, 2011      

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Leaders of the 17-nation euro zone have had an agreement "in principle" on the "Pact for Euro, " or the competitiveness pact, President of the European Council Herman Van Rompuy said Friday on his twitter posting while the summit was still in progress.

"Agreement in principle on the Pact for the Euro, but still discussing the other elements of the package," said the posting.

Friday's informal summit was supposed to pave the way for a comprehensive package at the March 24-25 EU-wide summit, especially focusing on the Franco-German pact to boost the bloc's economic competitiveness and coordination policy, as well as the expansion of EU's bailout fund.

As a key but controversial part of the comprehensive package to tackle the year-long sovereign debt crisis, the competitiveness pact had been earlier opposed by many euro zone nations. Thus Van Rompuy had been asked to prepare a watered-down draft version.

It was not clear if the "Pact for Euro" was a watered-down version.

Source: Xinhua

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