EU nations strike fiscal deal

Twenty three EU countries struck an early morning deal on Friday that calls for tighter fiscal integration and stricter budget rules in the economic and political union. The deal, aimed at stemming the ongoing euro crisis, leaves out the U.K., which walked away from negotiations after failing to secure concessions exempting the British financial sector from tightening regulation and scrutiny. Sweden, Hungary and the Czech Republic all left open the possibility of joining the new compact at a later date. Representatives from the three nations said they had to consult their parliaments before going further. The new agreement calls into question Britain’s role in an evolving Europe. Conservative Prime Minister David Cameron may now face pressure from within his own party to move the U.K. away from continental intergration.

Reuters