Only Britain and the Czech Republic refused to sign a fiscal compact in March that will impose quasi-automatic sanctions on countries that breach European Union budget deficit limits and will enshrine balanced budget rules in national law.
The accord was eagerly greeted by the European Central Bank which has long pressed euro zone governments to put their houses in order.
"It is the first step towards a fiscal union. It certainly will strengthen confidence in the euro area," ECB President Mario Draghi said.
For more: Europe signs up to German-led fiscal pact | Reuters
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