and the stability and growth pact said any person who has a budget deficit of more than three percent of g.d.p. will be strictly strictly told of what they've done in the eurozone what do we find nearly a decade later well we've got you know this physicist turned girl wonder politician . and her chair while i was sarky running around saying well what we've decided is if you run a thirty percent g.d.p. deficit you're going to find yourself in deep trouble nothing's changed no one wants to obey the rules and france and germany are trying to dictate on the rest of europe why they should run their economies and essentially of them have their own domestic political difficulties that are causing problems. you with artie it's good to have your company today still ahead of you this hour british police seeking to review extradition policies with the united states. we need to make sure that we are all being equal and we're all being fair to all citizens and that is not the case that the boat we look at our lawmakers are demanding a more level playing field when it comes to handing over their ci

and the stability and growth pact said any person who has a budget deficit of more than three percent of g.d.p. will be strictly strictly told off for what they've done in the eurozone what do we find nearly a decade later well we've got you know this physicist turned girl wonder politician markey and her chair while i was sarky running around saying well what we've decided is if you run a thirty percent g.d.p. deficit you're going to find yourself in deep trouble nothing has changed no one wants to obey the rules and france and germany are trying to dictate on the rest of europe why this should run their economies and essentially coral's of them have their own domestic political difficulties that are causing problems. but the deal agreed upon in brussels means a greater discipline with sanctions for those e.u. members who break the rules but british i mean. blum says that those who pushed for the punishment are the ones who violated the e.u. agreements in the first place. the first people to break the rules i think was in two thousand and three with the french and the germans by brea

and the stability and growth pact said any person who has a budget deficit of more than three percent of g.d.p. will be strictly strictly told of what they've done in the eurozone what do we find nearly a decade later well we've got you know this physicist turned girl wonder politician markey and her chihuahua sarky running around saying well what we've decided is if you run a thirty percent g.d.p. deficit you're going to find yourself in deep trouble nothing has changed no one wants to obey the rules and france and germany are trying to dictate on the rest of europe why the huge run their economies under sensually coral's of them have their own domestic political difficulties that are causing problems one of the details of the proposed changes to e.u. treaty is a sanctions intended to discipline any nation that fails to comply with brussels economic well but british and i p godfrey bloom says it's simply too late for punishment and that those who broke the rules first half god no way scot free. the first people to break the rules i think was in two thousand and three with the french

and the stability and growth pact that any person who has a budget deficit of more than three percent of g.d.p. will be strictly strictly told of what they've done in the euro so what do we find nearly a decade later well we've got you know this business has turned girl wonder politician markey and her chair while i was sarky running around saying well what we've decided is if you run a thirty percent g.d.p. deficit you're going to find yourself in deep trouble nothing's changed no one wants to obey the rules and france and germany are trying to dictate on the rest of europe how this should run their economies under sensually coral's of them have their own domestic political difficulties that are causing problems but now we get our web sites the place to go for many more stories to see we've got lined up for you right now the state here of storm thousands of sports fans in the u.s. state of oklahoma rushing to the pitch to celebrate a victory but at the causing a crush and also tearing down the goalpost. more pictures of lines and i'm also a world war two so after more than six decade

and the stability and growth pact that any person who has a budget deficit of more than three percent of g.d.p. will be strictly strictly told off for what they've done in the eurozone what we find nearly a decade later well we've got you know this physicist turned girl wonder politician markey and her chair while i was sarky running around saying well what we've decided is if you run a thirty percent g.d.p. deficit you're going to find yourself in deep trouble nothing has changed no one wants to obey the rules and france and germany are trying to dictate on the rest of europe how this should run their economies and essentially coral's of them have their own domestic political difficulties that are causing problems for young the future of afghanistan's been a stake of a conference in germany with delegates who key countries attending except one crucial one pakistan it's boycotted it in the latest sign of a deepening crisis in its relations with the us it follows the recent deadly nato air raid on a pakistani border post which killed twenty four of its soldiers and he got a press can o

and the stability and growth pact that any person. who has a budget deficit of more than three percent of g.d.p. will be strictly strictly told of what they've done in the euro so what do we find nearly a decade later well we've got you know this physicist turned girl wonder politician markey and her chair while i was sarky running around saying well what we've decided is if you run a three percent g.d.p. deficit you're going to find yourself in deep trouble nothing has changed no one wants to obey the rules and france and germany are trying to dictate on the rest of europe why this should run their economies an essential core of them have their own domestic political difficulties that are causing problems but of course some of the countries hardest hit are imposing their own a sturdy measures they say they're being hit hard by i think it was notably but it's only as well and i'm seeing those new austerity measures on sunday and even brought the lady mentioning it to tears the minister for well where else you are from there let's take

under the terms that were set out, the stability and growth pact, it was self-regulating. countries could decide whether or not to impose penalties on other countries that broke the budget rules. so i think both are agreed that there needs to be discipline and discipline needs to be imposed in some way by brussels. but the fundamental difference is how that happens. is he putting the lisbon treaty, written into that treaty, is there a fundamental change to it? is it an addition to the treaty in terms of a protocol? and fundamentally, for the french president, how much of that power is transferred to brussels? he's at a very tricky moment for the french president. he's approaching an election in four months' time. he's already under fire from his opposition, from the socialist leader and also from the people who say you're giving away too much to brussels. but he's also talking about the need to revolutionize, if you will, the institutions of europe, to try to get ahold on its finances. they have to do that, because they have to restore confidence in the eyes of the market.

to make sure that everybody respects those rules we had when the euro started the stability and growth pact with very specific rules on how large government deficits budget deficits would be are how high government debt would go both at the end of the day europe was unable to really impose its will and its rules on the member countries so we're doing more or less the same discussion now but the question is will we make brussels really an authority that has automatic powers to intervene and of course i immediately admit i sidestepped now the discussion on whether this is democratic which also is of course a very big one i forgive me for interrupting but there are many saying that there are there are major democratic principles just being thrown to the side here with brussels essentially choosing the new leaders of italy and greece as some might say sidestepping the whole basic issues of democratic process but if i may next week e.u. leaders are set to try and hammer out a fresh solution to the continent's debt crisis once again they're meeting again and what more can they come up with well i

many see that as the fundamental weakness of the euro project which despite having a growth and stability pact from the start, it's never been fully and correctly implemented. that goes as well for germany and france as it does for greece, spain, portugal, some of the countries which are at the moment facing the most difficulty. here's the press conference. >> i will definitely have a number of discussions with him over the next few months. we are planning a visit to washington, the white house, and this will be another opportunity to exchange our opinions and i do hope it's going to be a very profitable relationship. >> well, you put it on the sense that it's not coming over that easy in terms of the translation there from the prime minister and timothy geithner. this is one element in the buildup. mr. monty will be headed to brussels shortly and mr. geithner home, i guess. in the meantime members of the european people's party grouping in the european parliament are gathering, trying to forge a common standpoint, a common position to take with them up to brussels. and christian phrasier, our

growth on an annual basis. we also have the new mark ro economics balance procedure and also the plus pact. there are two brand new commission proposals made on the 23rd of november and article 1256 on further strengthning fiscal discipline which i hope will be adopted in a fast track procedure through an early first reading agreement. we have also our assistance and adjustment programs including for three of our member states. there is european central bank plague its roll, european financial stimthrative facility and european stability. the main purpose of this european council was to show joint determination to tackle persisting by and reinforcing them even further. and indeed, during thursday night an agreement was reached to create a genuine fiscal stability union and new fiscal compact. on substance disthis agreement was ambitious and it was unanimous. unfortunately, it was not unanimous on the form. with one member state unable to join. i will come back to owe those abspects, substance and form, in a moment. let me first outline a number of important conclusions that the commission h

growth. so if the pact doesn't also come with stimulative measures that allow these countries like italy and o kick start growth in the short run, then you're going to get this cycle of austerity and further economic downturn and higher indebtness and interest rates. host: in the "washington post" article, so david cameron didn't want to sign on because he didn't feel this pact was germ main to ining land, that they're not facing the same situation as say italy or greece? guest: that's right. because i think england actually has the privilege in a way of not being involved in the situation so closely because it has the ability to print its own money. so it does not have the detachment between fiscal and monetary policy that we were discussing earlier. so in a sense while it does have a similar debt profile to some of the southern european countries that are actually in trouble right now, it has the ability to manage that. and there's no doubt in its ability to repay its debts because it manages its own currency. >> and the lead story in the "new york times." it's been written and seems like g

pact to instill discipline over their spending. what hasn't been addressed is debt and slow growth, the fundamental problems of the euro zone. gavin hewitt, "bbc world news," brussels. >> david cameron insists that britain will still have stig -- it's also prompted new reports for a british referendum on europe. nick robinson looks at mr. cameron's decision to go it alone. >> this picture might not make it on to david cameron's wall. it captures the moment europe split. 26 against one. the moment a british prime minister finally made a stand, say some. the moment others believe he was hopelessly outmaneuvered by the french president. >> you're in a room with 26 other people who are saying put aside your national interest, go along with the crowd, do what will make life easy and comfortable for you there in that room. but you say no. it's important that we get the things that britain needs, and so i decided not to sign that treaty. >> on the morning after a long night before, david cameron found himself alone at the e.u. summit table. he might have to get used to it. the leaders of france and germany and the european commissi

pact to instill discipline over their spending. what has not been addressed is debt and slow growth, the fundamental problems of the eurozone. >>> as we have seen so many times before, all of these events in brussels are having financial implications all over the world. i am joined by john cassidy from new yorker magazine. let's start with the idea this treaty has not come up with a solution to the fund and the problem of slow growth in europe. >> that is true, but we should not underestimate what happened. from the british point of view, it is a political story, from the european point of view this is a big economic store. look what has happened the past couple three months. we have the new government increase, new government in italy, both of them technocratic, new government in spain, which is dedicated to austerity. we also have this new treaty, the 17 countries in force in fiscal discipline. these are quite big developments. i think the next step in resolving this is the ecb, the european central bank. that is the key, how this reacts. the debt markets are frozen. the only thing that could unfreeze the debt market is the ecb s

of ideas to get it back into shape, and that is what this campaign is about, setting a pact to create jobs, growthcurity, and assert the core values starting with that declaration of independence. if you could get right the economy, national security, and the core values of american exceptional as some, this will be a remarkable country, and you could feel good what you are leaving your children with. >> what are your three priorities? >> you have to fix the economy. >> by doing what? >> cutting taxes, cutting regulations, developing an american energy plan. we took the reagan plan that worked, created millions of jobs, did the same thing i did as speaker. >> cutting taxes for everybody? including millionaires? >> i know how to create jobs. the best thing you can do to solve the distribution gap is giving every poor person a job -- and -- [applause] if they have a job and they learn the work ethic and start getting a better education, they will fix redistribution because they were rise and their children will be better off than they are. politicians taking from one group to get to another is a dis

sustainable growth, growth that is turned towards the future, and which will create more jobs in europe. [applause] therefore, the agreement that we had a year ago with the euro-plus pact will be even more important, but i repeat we all have to fulfill our task, and all of us have to pass laws that take into account other country's situations. every national parliament is at a point now where they have to fake intoing the the situation of the other parliament before they pass along, and we have to take lessons from each other. some tell you it's true. we have been through what we going through one of the worst crisis we have ever known, but we are going to be stronger for it. we all know we're the origins of the crisis. we all are in agreement to fight this crisis. we are all in agreement as to what way to pursue, and this was unthinkable just a few months ago. the chance of this crisis, and i'm convinced, is much bigger than its risks. it is historical task that we have. the way to overcome this crisis is long, it's hard, but at the end of this path, we're going to have a eurozone that's sustainable, that is stronger, strengthened, and this is the objective. this is t