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Euro zone’s economic and monetary integration summit in Brussels

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1 European Union leaders are preparing to meet for a closely-watched Brussels summit on the fate of the euro.

1.1 European summit in Brussels / eurozone integration between Germany and France

1.1.1 EU summit in Brussels, world’s leaders confrontation

European Union leaders are preparing to meet for a closely-watched Brussels summit on the fate of the euro.

European Union world’s leaders arrived for a Brussels summit two days ago more openly divided than at any time since the euro crisis began, with Germany’s Chancellor Angela Merkel showing no sign of relenting in her refusal to back other countries’ debts.

The German Chancellor Angela Merkel held two hours of talks with the French President Francois Hollande at the Elysee Palace in Paris. There was little disguising the differences between the two leaders of Germany and France at odds on how to move ahead with Germany adverse to pooling debt while France insists on the faster action to avert the threat and the eurozone needs further integration.

European summit in Brussels / eurozone integration between Germany and France

The summit is likely to agree on a ‘ growth pact ‘ with measures worth about 130 billion euro as well as a plan towards closer union that will hand the European Union the final say over national budgets in the euro zone as well as a banking union. The leaders of Italy, France and Spain are pressing Germany to agree to share debts before markets push the seventeen nation eurozone any closer to downfall. The European Union’s top officials and the International Monetary Fund have argued the same.

The meeting is the 20th summit of leaders of the 27 European Union states since the crisis erupted two years ago, giving them a reputation for failing to match their talk with the sort of decisive action needed to resolve it.

EU summit in Brussels, world’s leaders confrontation

French president Francis Hollande, has been a strong supporter of the growth package. But Germany chancellor Angela Merkel is not likely to budge. She has argued repeatedly that short-term solutions such as pooled debt or a more active European Central Bank are useless unless governments prove they can manage their budgets. Merkel wants a grand, ambitious political union first.

The leaders in Brussels will also discuss a proposal for the future of the euro, crafted by the heads of the major European Union institutions , which could see the creation of a euro zone finance ministry and might lead to pooling of debt.

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