The recent European Union (“EU”) Summit has been hailed as the most important event in years. Preceding this EU Summit, there are experts who stated in late November and early December that the European Currency (“euro”) has at most 10 days to survive. For example, EU Monetary Affairs Commissioner Olli Rehn commented on late November that “they are now entering the critical period of 10 days to complete and conclude the crisis response of the European Union”. French President also commented before the EU Summit that failure to reach an agreement is a luxury that they cannot afford. He added that EU would not get a second chance. The monumental EU Summit has finally come to pass. So what is the verdict?
Some key developments from EU Summit
First steps to fiscal union via “fiscal compact”
European leaders established tougher budget rules in a separate euro- area treaty excluding Britain . ...
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