Jean-Claude Juncker, the prime minister of Luxembourg, achieved his benefits from the long-lasting deal that the European Union came to on Sunday.

The stability and growth pact has been suffering unused for nine years since the EU’s 1996 Dublin summit. "Jean-Claude Juncker has achieved a historic agreement," proclaimed Thierry Breton, France’s finance minister.

The long negotiations kept Mr Juncker awake till late night that tried to keep on negotiating with many cups of coffee. After the talks he received cheerful applauses from the EU finance ministers.

"A small miracle has happened," said Antti Kalliomaki, Finland’s finance minister.

"We’re going to submit this text on which we reached complete agreement to heads of state and government at their summit on Tuesday and Wednesday," said Jean-Claude Juncker."I spoke to enough of them during the meeting to know there will be no long debate and no fierce controversy."

The new pact may be the allure for politically and economically pressed Europe, some analysts say.

Germany, the biggest wrecker of the old pact, said that the compromise was achieved. Earlier, it breached the budget deficit limit of 3% of GDP.