BRUSSELS (AP) -- Leaders of the 17 countries that use the euro agreed Friday to better coordinate their economic policies to improve competitiveness and keep public deficits in check.
The so-called "pact for the euro" -- formerly dubbed the "pact for competitiveness" -- is an important prerequisite for Germany, the eurozone's biggest economy, to extending further help to the eurozone's weaker members as the currency union struggles with a crippling debt crisis.
In the pact, which will be formally adopted at a wider European Union summit on March 24-25, eurozone leaders commit themselves to hit annual benchmarks on economic competitiveness, boosting employment and making their budgets sustainable in the long term.
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Comment: The old story is still intact. Each new crisis that threats the euro to fall apart, provokes closer ties in the end.
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