Tony Barber
Financial Times
May 8, 2010

  • A d v e r t i s e m e n t
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European leaders committed themselves last night to a stricter collective effort at fiscal discipline and called for rapid approval of draft laws aimed at tightening financial market regulation.

At a hastily convened summit in Brussels, leaders of the 16-nation eurozone also gave formal approval to a three-year, €110bn ($140bn, £94bn) rescue plan to help Greece avoid a restructuring of its sovereign debt.

Expectations rose in financial markets before the summit that the eurozone’s authorities, including the European Central Bank, might be poised to announce a far-reaching initiative to stabilise bond markets and protect the banking system with massive low-interest, one-year loans.

But officials in Brussels said the leaders had not set themselves such ambitious objectives for the summit and had instead put the emphasis on tougher fiscal rules and tighter regulation of the financial services industry.

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