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EU budgets agreement

EU finance ministers have agreed to reveal national budget plans to European partners before unveiling them at home.

The ministers agreed to impose new financial penalties on governments that flout EU budget rules. The move follows concerns over Europe's debt crisis which has forced eurozone governments and even EU partners to provide funds to bail out all struggling eurozone nations.

Ministers want to be able to enforce eurozone rules and commit governments across the European Union to remaining within a deficit ceiling of 3pc of gross domestic product.