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I finally found an article that states this black and white:


EUObserver
Leigh Philips, 09-12-2011
EU leaders embrace 'fiscal compact' demanded by central bank

BRUSSELS - European Union leaders have endorsed a series of rules tightening budget surveillance and institutionalising limits on public spending - the 'fiscal compact' that the European Central Bank (ECB) has demanded before it can more aggressively purchase Italian and Spanish debt.

"We agreed today on a new 'fiscal compact' and on significantly stronger coordination of economic policies in areas of common interest," reads a statement by the premiers and presidents of countries that use the euro and contained in a wider draft concluding document from all 27 EU leaders and seen by EUobserver.

Last week, speaking before the European Parliament, ECB chief Mario Draghi had hinted that the central bank could begin to intervene more robustly in the market if a "fiscal compact" was reached at the EU summit.

Everyone's pointing their guns to Germany and Merkozy, but there are much more powerful hawks out there.

You might find me At The Edge Of Time.

by Luis de Sousa (luis[dot]a[dot]de[dot]sousa[at]gmail[dot]com) on Fri Dec 9th, 2011 at 02:43:35 PM EST
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