ECB's Draghi: summit outcome good basis for 'fiscal compact'

BRUSSELS: European Central Bank President Mario Draghi said on Friday the EU summit had laid a good basis for a new "fiscal compact" among the euro zone countries, although the details still needed to be sorted out in the days ahead.

Speaking after EU leaders met for more than 10 hours to discuss changing the EU treaty to tighten budget deficit and debt rules, Draghi said the outcome was good for the euro zone.

"It's going to be the basis for a good fiscal compact and more discipline in economic policy in the euro area members," he told reporters. "We came to conclusions that will have to be fleshed out more in the coming days."

French President Nicolas Sarkozy said it had been agreed that the EU treaty would be changed among the 17 euro zone countries and any others that wanted to participate. But Britain and Hungary said they were not going to take part, Sarkozy said.