All European Union governments have vowed to start debt reduction efforts by next year in a bid to regain credibility with markets and rein in the region's debt crisis.
EU finance ministers also approved Estonia's bid to join Europe's troubled currency union next year after the Baltic nation promised it would take action to avoid the soaring wages and inflation that have hit new euro members.
It will enter a currency union facing sweeping budget cuts and desperately seeking ways to coordinate member economies to curb mounting debt across the continent.
For more: TODAYonline | Breaking News | EU finance ministers vow to reduce debt, approve Estonia to adopt euro
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