Business News
New budget pact does not fracture Europe, Sarkozy insists
Jan 30, 2012, 21:40 GMT
Brussels - French President Nicolas Sarkozy on Monday rejected suggestions that a Europe of different speeds is developing, after a decision by only 25 member states to sign up to a new budget discipline pact.
The bloc's 27 member states will still come together to handle issues related to the EU single market, while the 25 - all but Britain and the Czech Republic - will handle issues covered under the new pact, known as the fiscal compact.
The 17 countries in the eurozone will continue to handle matters related to the currency on their own, Sarkozy said.
'This doesn't mean that there are several speeds. It doesn't mean that there are countries which will be left aside. To the contrary,' he told reporters. 'It means that there are degrees of European integration ... and that everyone chooses freely.'
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