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Now Playing: 12-09-11 Marketplace Index

In a major step toward ending Europe's two-year-long debt crisis, leaders from around the continent met today in Brussels to hammer out a new debt-reduction pledge. The result is something of a pledge that goes like this: [raise your right hand.] "I promise to keep my country's budget deficit under control. I also promise to let the European Court of Justice scrutenize laws in my country that may allow too much wiggle room on deficit spending." We spoke with Jennifer McKeown, a senior European economist at Capital Economics in London, about the long-term impact of the deal.