During talks conducted in Brussels overnight, officials agreed to pump an additional â¬200 billion ($267 billion) into the region's warchest created to fight the continuing financial issues.
It is hoped this will help prevent any future debt run-ups, while also quickening up the process of combating the monetary problems being encountered by much of the region.
Yesterday (8 December), it emerged that the European Central Bank had decided to reduce interest rates to one per cent due to ongoing uncertainty regarding the future of the continent.
However, Mario Draghi, the institution's president, has praised this action from leaders as a "very good outcome", on the basis it should act as a "basis for a good fiscal compact and more disciplined economic policy in euro-area countries".
By Asim Shah