All but two European Union members have endorsed a stronger international fiscal rule proposed as a solution to the euro zone debt crisis.

Except for Britain and the Czech Republic, the leaders of 25 EU nations reached the agreement at a summit in Brussels, Belgium, on Monday.

The new fiscal compact will go into effect when it is signed in an EU summit slated for March this year and then ratified in at least 12 countries.

The EU also approved the establishment of a permanent euro zone bailout mechanism at Monday’s summit. The European Stability Mechanism will go into force this July backed by 17 euro zone countries. It will have a lending capacity of 500 billion euros.

European leaders failed to reach an agreement providing the mechanism with a greater allowance due to opposition from some countries, including Germany.