Deal to give EU powers over budgets

Wide powers for the EU to guide and fashion national budgets of countries with big deficits and those emerging from bailouts have been finally agreed in Brussels.

A promise to study eurobonds and how national debts could be shared by all member states is included in the package.

Agreement on the so called “two-pack” was finally brokered between the member states and the European Parliament by Irish officials, who hold the EU presidency.