Business

EU leaders meet for economic summit

BRUSSELS — With market pressure on their single currency easing for now, will EU leaders meeting here Thursday and Friday return to bickering and delaying promised reforms that could solve the euro crisis?

A pledge in September by the European Central Bank to buy unlimited quantities of bonds has steadied borrowing costs in some of the most vulnerable eurozone countries like Spain. And with negotiations still up in the air over providing more assistance to Greece, the focus of the EU meeting here is expected to be on making Europe’s economic union more cohesive.

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But that could prove a combustible topic for France and Germany. Agreement between the two is seen as vital to any steps that could ensure the survival of the eurozone.

Paris emphasizes speedy adoption of legislation to tighten budget discipline; ideas to put all European banks under a central supervisor, and moves toward pooling at least some eurozone debt. Germany is pressing for even greater powers of intervention by the most solvent countries to enforce budgetary discipline in the eurozone.

New York Times

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