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Nobel-prize economist Paul Krugman in his blog on 15 November: 'ECB bail-out or bust. And it's looking like bust' (Photo: consilium.europa.eu)

Feature

What did the EU agree at its 'make-or-break' summit?

Nobel-prize economist Paul Krugman in his blog on 15 November: 'ECB bail-out or bust. And it's looking like bust' (Photo: consilium.europa.eu)

Amid the fog of terminology, draft and final conclusions and annexes, not to mention allegations and denials by EU polticians over the past 24 hours, EUobserver tries to make sense of what the summit actually agreed.

What the EU agreed

A new EU20, EU26 or EU-something-in-between treaty on financial discipline\nAlso known as the "fiscal compact" and containing "debt brakes" and "golden rules", the intergovernmental treaty is to be agreed by March 2012 "at the latest...

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Author Bio

Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.

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