First day of euro zone talks produces plans, but few details
After the first round of talks, 23 euro nations announced they would support a preliminary outline of a new treaty with strict oversight over national budgets, but several key countries did not sign on to the agreement.
The details of the plan, including how violators of the budget restrictions would be punished, remained unclear. Britain, one of the holdouts, was immaediately critized by French President Nikolas Sarkozy. According to the Associated Press, Sarkozy claimed that Britain “made a proposal that seemed to us unacceptable, a protocol to the treaty that would have exonerated the United Kingdom from a great number of financial service regulations.”
Read the full statement on the first round of talks from the European Council.