The entire European Union nations except the United Kingdom agreed on Friday to enforce tougher budget rules on the European nations involved in order to control the huge debt Europe handles and also to spur growth and ease market tension, in attempts to support the return of confidence, according to the European Council President Herman Van Rompuy.

Early March at the latest, this fiscal compact treaty will be signed, Van Rompuy said.

European lawmakers hope that the first draft of the new fiscal treaty will be ready next week, where lawmakers are still discussing details on how to activate the sanctions program included in the new treaty.

Countries other than those which are members in the euro should seek parliament backing to the treaty before the final approval.

The President also said that the activation of the firepower worth 500 billion euros of the European rescue fund will also be finalized by March