NEW YORK (CNNMoney) — The leaders of France and Germany said Monday that progress has been made on last month’s proposed deal aimed at resolving Europe’s debt crisis.

The fiscal pact, designed to ensure that governments do not spend beyond their means and rack up unsustainable debts, could be signed later this month and go into effect as early as March, said German Chancellor Angela Merkel, following a meeting with French President Nicolas Sarkozy in Berlin.  Read more