Merkel: euro to regain credibility after summit

9th December 2011, Comments 0 comments

The decisions taken at the European summit will result in increased credibility for the embattled eurozone, German Chancellor Angela Merkel said on Friday.

"I have always said the 17 states of the eurozone need to win back credibility. And I think that this can happen, will happen, with today's decisions," Merkel said after a do-or-die European summit to rescue the euro.

After marathon talks that wrapped up around 5:00 am (0400 GMT), leaders had achieved a "very, very important result ... because we have learned from our mistakes and from the past", said the chancellor.

The head of the European Central Bank, Mario Draghi, also hailed the result as a "very good outcome" for the euro area following the pivotal summit.

"It's going to be the basis for a fiscal compact ... for much more discipline in economic policy and it's certainly going to be helpful in the present situation," Draghi told reporters on leaving the summit.

© 2011 AFP

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