Euro crisis dominates EU summit

The eurozone crisis is going to be the major issue dominating the latest European Union summit to be held in Brussels on Monday.



The meeting intends to put special emphasis on "smart" budget cuts i.e. making them more well-targeted to provide room for future growth.


Most member states will be signing a new budget treaty or "fiscal compact",with the exception of UK which after opting out of the meeting has secured the observer status.


Leaving the attendance of the non-euro nations to the discretion of the summit president, the draft treaty says summits will be held at least on a biannual basis.