Leaders of eurozone states have agreed in Brussels on a pact to bolster the euro, also inviting those countries which are not using the common currency – such as Poland – to join.

The so-called pact on competitiveness was initiated by Germany and France a month ago and in effect will mean greater convergence between national economic policies.

The meeting also discussed the repayment of bail-out loans to Greece and Ireland, looking to make repayment conditions less severe.

European Council President, Herman von Rompuy said that all 17 leaders of the eurozone countries had agreed that the pact would assist in making economies more competitive as well as convergent.

“Our non-euro area colleagues are invited to join us in the approach I’ve insisted all along on that,” van Rompuy said, continuing that “at our next meeting at the end of march colleagues will announce pledges under the pact for the next 12 months.”

Poland is among those non-eurozone countries which has already announced readiness to participate, informed Prime Minister Donald Tusk, who was in Brussels at the summit devoted to the situation in Libya.

Tusk also said that Warsaw would have no problem in meeting the conditions for participation in the pact, such as the debt limit, automatic indexation or corporate taxes. The next meeting is planned for 24-25 March. (ek/jb)

Source: IAR