Official: New euro accord to include 23 countries
Gabriele Steinhauser and Don Melvin, Associated Press, Brussels | Fri, 12/09/2011 2:16 PM
The president of the European Council said Friday that a new intergovernmental treaty meant to save the euro currency will include the 17 eurozone states plus six other European Union countries - but not all 27 EU members.
German Chancellor Angela Merkel praised the plan.
"I have always said, the 17 states of the eurogroup have to regain credibility," she said. "And I believe with today's decisions this can and will be achieved."
Herman Van Rompuy, president of the European Council, said the countries would provide up to (euro) 200 billion ($268 billion) in extra resources to the International Monetary fund.
French President Nicolas Sarkozy said early Friday he would have preferred a treaty among all the members of the European Union. But that could not be achieved, he said, because the British proposed that they be exempted from certain financial regulations.
"We could not accept this" because a lack of sufficient regulation caused the current problems, Sarkozy said.
He said the new accord should be ready by March.
Sarkozy also said two bailout funds meant to rescue countries having trouble refinancing their debts - the European Stability Mechanism, or ESM, and the European Financial Stability Facility, or EFSF - would be managed by the European Central Bank, though the details still need to be worked out.
