From Reuters:
Europe secured an historic agreement to draft a new treaty for deeper economic integration in the euro zone on Friday ...
Twenty-six of the 27 EU leaders agreed to pursue a tougher budget discipline regime with automatic sanctions for deficit sinners in the single currency area ...
"This is a breakthrough to a union of stability," German Chancellor Angela Merkel said. "We will use the crisis as a chance for a new beginning."
...
[European Council President Herman] Van Rompuy said the summit's key achievement was to tighten fiscal limits, including the need for countries to bring budgets close to balance.
"It means reinforcing our rules on excessive deficit procedures by making them more automatic. It also means that member states would have to submit their draft budgetary plans to the (European) Commission," Van Rompuy said.
Assuming that (some) EU states can reach agreement on this, I wonder, could such an agreement ever take place on a global scale?
