European leaders meeting in Brussels have set up a permanent emergency fund to help debt-laden countries, and have agreed to rewrite some of the bloc's rules in a bid to shore up the value of the euro.
"We will do everything to secure the financial stability of the euro as a whole," German Chancellor Angela Merkel said at a news conference after a European Union summit.
She added that reform and stability will remain on the euro zone's agenda next year as the bloc fights to secure the single currency and make its economies more competitive.
Note EU-Digest: Markets reacted negatively, because as a result of new regulations and laws coming into effect in Europe they are obviously losing the grip they once had on national economic policies.
For more: Agreement at EU summit fails to reassure markets | Europe | Deutsche Welle | 17.12.2010
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