The Treaty -signed by 25 European leaders- aims at strengthening fiscal discipline and introducing stricter monitoring within the euro area, in particular by establishing a "balanced budget rule."
In a press conference following the European Council, Papademos said that he is "more hopeful as a result of the decisions taken at the summit," as the EU has placed additional focus on policies that boost growth and create jobs, adding that he expects the Greek economy to begin showing signs of recovery by mid-2013. "Greece is changing, it is time to look forward. [...] Europe is giving us a vote of confidence. Let us not prove them wrong," Papademos said, noting that "Greece can and will prove this."