Dr Perez commented, “The agreement achieved in Brussels yesterday by the leaders of the 17 Member States of the euro zone provides important short-term solutions to contain the Greece debt crisis and to restore market confidence.
“The long-term challenge is to ensure that despite the austerity imposed on countries such as Greece, Italy, Portugal, Ireland or Spain measures are put in place to get the European economies growing again by creating employment and promoting investment. The prospect of Treaty reform to deepen fiscal and economic union has wider implications for countries outside the euro zone such as the UK in light of the referendum lock incorporated into the European Union Act.”