Barroso stressed that the economic crisis presented two great challenges: how to mitigate its effects on individuals and businesses; and how to ensure that the EU will never find itself in such a dramatic situation again.
This agreement gives the EU and its Member States a powerful tool – one missing until now – to avoid falling into the trap of unsustainable debt. It will also, for the first time, allow us to anticipate the development of macro-economic imbalances that could pose a threat to the stability of the euro area. And while the emphasis will be on prevention, we will also have the capacity to take corrective action in a swifter and more decisive way than ever before, with greater automaticity in the application of sanctions.
Press release
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