European leaders agreed last week in Brussels on changes to their treaty to deal with the economic crisis. Britain, with the region's third-largest economy, refused to join in the agreement. Prime Minister Cameron discussed the decision and took questions from members of his Conservative Party and the opposition Labour party.
Twenty-six other nations signed the EU treaty, which limits national deficits to no more than 0.5% of GDP and sanctions any country whose deficit climbs above 3% of GDP. It also requires each country to submit their budgets to the European Commission, which can request that they be revised.