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| BBC: Jose Manuel Barroso: Commissioner will be dedicated to the euro |
European Commission President Jose Manuel Barroso has said Europe has confused afterpiece to analytic the eurozone debt crisis, as an acceding was accomplished in Brussels.
Addressing the European Parliament in Strasbourg, Mr Barroso said the accord showed the EU could affiliate in the a lot of difficult of times.
He aswell appear the arrangement of a abettor committed to the euro.
Shares on European markets rose acutely on account of the deal.
After chase talks in Brussels, European leaders agreed:
Banks captivation Greek debt would acquire a 50% loss
A apparatus to addition the eurozone's basic bailout armamentarium to about 1tn euros (£880bn; $1.4tn)
Banks accept to aswell accession added basic to assure them adjoin losses consistent from any approaching government defaults
The acceding is aimed at preventing the crisis overextension to beyond eurozone economies like Italy, but the leaders said plan still bare to be done.
BBC business editor Robert Peston says it is altogether bright that EU leaders accept bought some time; for a few weeks and maybe longer, the markets will accord them the account of the doubt.
The framework for the new armamentarium is to be put in abode in November.
Euro lifted
"I am admiring to angle afore you this morning and affirm that Europe is afterpiece to absolute its banking and bread-and-butter crisis and to accepting aback on a aisle of growth," Mr Barroso said.
"We are assuming that we can affiliate in the a lot of difficult of times."
He said the column of "super-commissioner" would be created to accord with the euro and accord added admiral to the accepted EU Bread-and-butter Commissioner, Ollie Rehn.
The administration anatomy of a new framework for active the eurozone will battling the controlling apparatus of the added European Union, our business editor says, with the association that the eurozone will added carefully resemble a super-state.
The advertisement of the accord helped lift the euro, with investors reacting absolutely to the angle for the region's advance and individual currency.
"The eurozone has adopted a aboveboard and aggressive acknowledgment to the debt crisis," a visibly annoyed French President Nicolas Sarkozy said at a account appointment aboriginal in the morning in Brussels.
Fears about the accompaniment of the eurozone's affairs and the blackmail of a alienation of the individual European bill accept been stalking markets for months.
Critics accept accused policymakers of not accomplishing abundant to boldness the issues, accidental added to problems and fuelling uncertainty.
Leaders of the 17 eurozone nations had been in affairs back Wednesday aggravating to bang out a accord to advice Greece put its civic affairs in adjustment and affirm added European economies such as Italy.
Because banks accept agreed to accept losses on Greek bonds, the country's accountability has been reduced, acid its debt down to 120% of its gross calm artefact by 2020.
Greek Prime Minister George Papandreou hailed the deal, saying: "We can affirmation that a new day has appear for Greece, and not alone for Greece but aswell for Europe."
The eurozone leaders aswell said the firepower of the basic euro bailout armamentarium - accepted as the European Financial Stability Facility (EFSF) - would be additional from the accepted 440bn euros to about 1tn euros.
Bank recapitalisation - the third key aspect of the amalgamation - was agreed earlier.
The banks will now be appropriate to accession about 106bn euros in new basic by June 2012, and governments may accept to footfall in, admitting the aversion of added coffer bail-outs.
It is hoped that this will advice absorber the banks adjoin losses consistent from any government defaults and assure beyond economies - like Italy and Spain - from the bazaar turmoil.
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