Euro zone leaders have agreed to coordinate their economic policies more closely — more or less.
Herman von Rompuy, the president of the European Council, said in a Twitter message that the leaders have reached "agreement in principle on the Pact for the Euro," the Associated Press reported, and the euro rose about 1% on the news.
But the agreement is a diluted version of the competitiveness pact proposed earlier by Germany and France, and it's not clear how strictly the pact will be enforced. Also, European leaders have not yet reached an actual agreement to resolve the sovereign debt crisis. Von Rompuy said they are still discussing their response.
Leaders were careful to lower expectations going into the meeting, so observers weren't expecting a major breakthrough. So far, they are living up to their promises.
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