EU summit all set to begin over common euro bonds

Last Updated: Wednesday, May 23, 2012 - 11:46

Zeebiz Bureau

Brussels: European leaders are all set to meet at the EU summit on Wednesday to discuss issues of a debt-stricken Eurozone and whether they can help assuage the debt that has governed for two years.

In Spain, where the economic system is at the forefront of the debt crisis, Prime Minister Mariano Rajoy will meet newly elected French President Francois Hollande in Paris before the summit commences — a shift that moves away from the Franco-German strategic talks.

Francois Hollande, with his call to action on the growth fund has garnered support from other EU leaders. Unlike former president Nicolas Sarkozy, who in the last two years met German Chancellor Angela Merkel to set up a strategy, much to the criticism of other leaders, Hollande is set to go up against Merkel whose priority remains structural reform and budget austerity.

However, the major issues govern implementing ways to resolve the universal debt, tackling the increase banking problems which ails European economies and pushing through structural reforms to labour markets and pension systems that could make EU economies competitive and sustainable.

With Agencies Input

First Published: Wednesday, May 23, 2012 - 11:40

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