European leaders met for yet another time, this time striking a deal that would allow the European Commission to oversee budgets and fine countries for getting into too much debt. But it won't solve the major eurozone issues.
Some economists say today's summit will be remembered as a successful moment — when eurozone countries met and got their act together. Katharina Gnath is an associate fellow at the German Council on Foreign Relations and has studied G8 and G20 summits.
Britain and three other countries are out of the picture, but those remaining believe the new treaty will mean much more balanced budgets on the continent in the future.
An agreement among almost all of the European Union members was made in Brussels today, but Britain has decided to stay out of the plan, and insists that official EU institutions do as well.
Markets breathed a sigh of relief last week as central banks around the world agreed to joint action to fight the European debt crisis. But according to someone on the front lines in 2008, this could mean things are worse than we know.
Representatives from countries like Finland fear that tomorrow's summit could force their hand on some issues, and create a new culture in the eurozone where powerful countries trump the rest.
