European Union leaders unveiled a new plan Friday to save the euro currency in the wake of the debt crisis that has rocked the continent.
The plan puts strict caps on government spending.
"It's a very good outcome for the euro area, very good," ECB President Mario Draghi said Friday.
"It is going to be the basis for much more disciplined economic policy for euro-area members," he added. "And certainly it is going to be helpful in the present situation."
The agreement was crafted as part of an attempt to convince global markets that the euro will survive the continent's crippling debt crisis.
But after all-night negotiations at the debt crisis summit in Brussels, Britain declined to get on board with plan.
"What was an offer is not in Britain's interest so I didn't agree to it," British Prime Minister David Cameron explained.
"We're not in the euro and I'm glad we're not in the euro," he declared. "We're never going to join the euro, and we're never going to give up this kind of sovereignty that these countries are having to give up."
Britain, which doesn't use the euro, led the push against the treaty, arguing it would threaten its national sovereignty.
Those who did sign the treaty have agreed to strict oversight over their national budgets.