Leaders of 27 European nations met to reach a deal to save the euro, the official currency used by the members of the euro zone.
In the end, the European nations agreed to tie their budgets closer and force financial discipline.
Twenty-six of the 27 member nations said they'd signed on or had agreed to consider a plan that would make it harder for countries to run up big debts in the future and help countries dealing with debt.
British Prime Minister David Cameron declared that Britain wouldn't take part in the deal. This move could lead to Britain breaking from the European Union, an economic and political union of 27 member states which are located primarily in Europe.
"If I couldn't get adequate safeguards for Britain in a new European treaty, then I wouldn't agree to it," said Cameron.
Reports say the British decision disappointed French President Nicolas Sarkozy. He said Britain's demands countered the goals of the European Union.
"I believe after long talks, there is a very important result, because we learn from the past and the mistakes, and we say, in the future, binding agreements, binding rules, more influence for the European Commission, more unity. That is our contribution to making the euro safe." - Angela Merkel, German chancellor.
1. What is the European Union?
2. What countries make up the European Union?
3. What is a euro?
1. Why did leaders of 27 European nations meet this past week?
2. Do you think it's a good idea for nation's to tie their budget close together? Why or why not?
3. Why won't Britain take part in the deal? Do you think this is a smart decision? Why or why not?