Growth pact: The leaders also backed a €120 billion "growth pact" to stimulate growth and create jobs.

The centerpiece of the pact is a €10 billion increase in the funds of the European Investment Bank, which EU policy makers say will boost its lending capacity by €60 billion.

The leaders agreed to reallocate €60 billion in unused structural funds to subsidize small businesses and reduce youth unemployment. They also backed a €10 billion program to test "project bonds," which will be used to fund investments in energy, transportation and broadband across Europe.

The pact builds largely on existing economic policies and seeks to make the most of what limited resources the EU has to boost growth. It is generally viewed by investors as insignificant, since the amount of money involved is relatively small, equal to about 1% of eurozone economic output.