EU Leaders Hold Key Summit on EUR Future

EU leaders are holding a summit in Brussels Thursday and Friday considered to be crucial for the future of the union. File photo

European Union leaders are meeting Thursday and Friday in Brussels for a key summit on the fate of the Eurozone, where Bulgaria will be represented by Prime Minister, Boyko Borisov.

In its invitation to EU Heads of State and PMs, the President of the European Council, Herman Van Rompuy, notes the forum must send a firm message Europe is doing everything possible to tame the crisis.

The meeting is coming on the heels of reports that European authorities have unveiled proposals such as the creation of a European treasury, which would have powers over national budgets. The 10-year plan is designed to strengthen the Eurozone and prevent future crises, but critics say it will not address current debt problems.

Under the plan, the European Commission will obtain authority to rewrite the national budgets of countries that have violated the commitment for fiscal stability.

Another topic on the agenda is the EU budget for 2014 – 2020 and giving an overall new direction to both the economic and the currency union.

Rompuy is to present a draft report on the plan for the future of the EU, prepared in partnership with the EC and the European Central Bank.

On Friday, he is to talk about his priorities until the end of his term in 2015. Participants in the summit will also approve decisions related to the EU foreign policy.

Before the Thursday session, Borisov is going to meet with the leaders of the European People's Party, EPP. Chairs of other political parties, including from countries outside the EU such as Macedonia, Albania, Georgia, Armenia, Bosnia and Herzegovina, Serbia, Croatia, and Norway, are going to join these talks as well.

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