BRUSSELS — European Union leaders have given their final approval on a raft of new measures they hope will contain the debt crisis that has rocked the continent for more than a year.

European Commission President Jose Manuel Barroso said just after midnight Friday: "I think today we reached a real breakthrough."

Leaders signed off the size and powers of its current and future bailout funds and closer economic coordination.

They had already nailed down the cornerstones of their "comprehensive solution" to the crisis over the last weeks.

But they left some details, including how to ensure their exiting bailout fund can actually lend out the promised €440 billion, for later meetings.