Monday, October 15, 2012

EU Leaders to Focus on Euro-Zone Reform

Wall Street Journal
October 15, 2012

European leaders will devote another summit to discussing the future of the euro area later this week, with a view to exploring options such as a euro-zone budget and contracts committing countries to economic reforms, a senior European Union official said Monday.

The 27 EU heads of state are due to meet in Brussels on Thursday for a planned two-day summit. A draft of their conclusions obtained by Dow Jones Newswires shows that they are set to stress their devotion to restoring growth and jobs in the economically challenged bloc.

But the centerpiece of the summit is set to be a report by European Council President Herman Van Rompuy on the future architecture of Economic and Monetary Union, the EU official said, otherwise describing it as a "run-of-the-mill" meeting.

Mr. Van Rompuy's bolder proposals will be up for debate, the official said, adding that the European leader will seek "an exploratory mandate" to get into the nitty-gritty of the common budget and the contracts options and present more details on them at the next leaders' summit in December.


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