It's an attempt to prevent euro countries from running up huge debts
(AP) - The leaders of 25 European states today signed a new treaty designed to prevent the 17 euro countries from living beyond their means and prevent a repeat of the currency union's crippling debt crisis. The leaders hope the accord, known as the fiscal compact, will also lead the way toward closer political and economic integration in the eurozone. Only Britain and the Czech Republic decided not to sign the agreement, triggering some concern over a rift in the 27-country European Union. More»
