EU prepares for future summit

EU prepares a key to the future summit of the euro and to calm markets

Budgetary discipline should be fixed and established mechanisms for joint debt issuance.

The European Council President, Herman Van Rompuy, designed to make the bailout fund with more capabilities and financial resources.

José Luis Rodriguez Zapatero attends his last European Council.

The leaders of the European Union on Wednesday preparing a decisive summit for the future of the euro , which is expected to agree a set of short-term measures to calm the tension in the markets and other long to seal the budgetary discipline and pave the way emissions of common debt.

Twenty-seven are still studying the document sent to them on Tuesday the European Council President, Herman Van Rompuy , with a long list of ideas , including providing the permanent bailout fund (MEDE) with new capabilities and more financial resources.

David Cameron will not accept changes to the treaties without safeguarding the City 's community leader also suggested that the European Stability Mechanism (MEDE), which entered into force will be brought forward to 2012, can participate directly in the recapitalization of banks and also has the characteristics of a lending institution.

The latter would allow unlimited access to the European Central Bank (ECB) and act as a true firewall on the debt crisis , a demand raised by France but had always been rejected by Germany.

Another short-term measures proposed by Van Rompuy is to increase IMF resources through bilateral loans that can help troubled euro countries.

In other respects, Van Rompuy proposed to the Twenty shield the fiscal discipline of the euro countries through various forms of exchange agreements (some of them immediate and easy approval and other long-term and long ratification).

The aim is that the commitment of the countries of the euro fiscal discipline open the door "long term" to the creation of a "joint debt" (Eurobonds, called otherwise).

However, this step only come after a stepwise procedure and on the basis of strict criteria for budgetary discipline and economic competitiveness, according to various sources have been explained and diplomatic community.

Heads of State and Government of the Twenty initiate discussions with an informal working dinner on Thursday, beginning at 18.30 GMT.

The summit will formally begin on Friday morning and will run throughout the day.

Approaching postures

Despite the importance of the meeting, EU sources expect moved that the meeting ends without major delays due to previous contacts have enabled Van Rompuy bring positions in many of the points.

The British Prime Minister David Cameron , arrived in Brussels after having warned that not accept changes to the treaties without safeguards to protect the interests of his country, especially the City , the City of London and an economic engine in the UK.

This will be the last European Council President in office of the Spanish Government, José Luis Rodríguez Zapatero , who leaves office in two weeks after nearly eight years as Executive and a number of community summits to his credit.