The leaders agreed to a permanent fund to help the euro in times of crisis, and to laws giving the EU the power to check national budgets.
EU officials said the eurozone had almost collapsed earlier this year because it lacked such a mechanism.
Germany wants limited changes to the EU treaty to reinforce the changes, but is facing resistance from other countries.
Meanwhile, United Kingdom Prime Minister, David Cameron won backing for his battle against a 5.9 per cent rise in the EU budget.
Germany and France were among 10 nations supporting Mr. Cameron‘s attempt to limit the budget increase to 2.9 per cent - a rise that would still cost UK taxpayers roughly £435m (500m euros).
The meeting will conclude later on Friday.
The BBC says the new eurozone rules are designed to force a country to put its house in order long before its economic problems threaten the eurozone.
Herman Van Rompuy, the President of the EU Council, hailed the summit‘s achievements, saying: ”Today we took important decisions to strengthen the eurozone.
”We recommend a robust and credible permanent crisis-resolution mechanism to safeguard the financial stability of the eurozone as a whole,” he stated.
Source:http://www.punchng.com/Articl.aspx?theartic=Art2010102911585698
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