EU leaders to determine Euro fate at Brussels summit

European Union leaders will meet tomorrow to discuss the fate of the Euro at the Brussels summit which will be closely-watched.

German Chancellor Angela Merkel met with French President Francois Hollande in Paris for a two-hour discussion on the summit’s eve.

This discussion left the two leaders at odds as to how to progress since Merkel disagreed with debt-pooling while Hollande insisted that more amalgamation of the Eurozone was required.

Merkel emphasised that there was quick solution or simple solution to solve the issue and warned that despite high expectations for the summit, there was “no magic formula”.

Before leaving for Brussels, Merkel said she hoped European leaders would agree to a €130 billion stimulus package which has been strongly supported by Hollande.  

The creation of a European treasury was one of the proposals unveiled by European authorities which would have control over budgets on a national scale.

Critics said that the 10-year-plan, which has been specifically formulated to strengthen the Eurozone and prevent future economic crises, failed to address current debt problems.