European leaders have drawn up a new fiscal accord. In the new agreement, the European nations agreed on tighter budget regulations as part of an effort to reassure investors that the euro is a stable currency. "The most important question from our citizens, from our financial markets, our investors, are we 17 in the euro zone or are we one?" said Jerzy Buzek, the president of the European Parliament, on Friday. "Now is the answer. We are one."
Markets have been responding positively to the accord. The real picture is a little more complicated. Peter Spiegel, Brussels bureau chief for The Financial Times, explains more about the status of the euro.