European Voice: Merkel secures major victory

EU leaders accepted that a temporary eurozone crisis facility set up in May had to be replaced with a permanent mechanism to avert the possibility of a recurrence of the problems faced by the eurozone earlier this year.

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Merkel and Sarkozy had also insisted in their Deauville declaration that eurozone countries that persistently broke budget rules should lose their voting rights. But this was fiercely opposed by a large number of EU leaders during discussions on the conditions for the crisis mechanism on Thursday, the first day of the summit. José Manuel Barroso, the European Commission president, said the idea was "unacceptable".

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The terms for the sanctions under new economic governance rules agreed at the summit made it harder to block penalties by requiring a weighted majority of member states to prevent sanctions.