Heads of State and Government of Uniunmii (EU) in Brussels on Thursday evening opened a crucial summit in which tackles both short and long term, the debt crisis that threatens the euro area.
The meeting began shortly before 20.00 local time (21:00, GMT), with a dinner which will last until Thursday night, according to a diplomat.



Summit will continue Friday with discussions on changing the EU Treaties, requested by Germany, to a strengthening of budgetary discipline, but also on short-term measures for the creation of effective defense mechanisms against the crisis, writes Mediafax.ro.



Evening program began with an hour earlier by a small committee meeting of key European leaders, known as the "Frankfurt group", referring to the city held the first meeting of this type.



Attended this French President Nicolas Sarkozy, German Chancellor Angela Merkel, director of the International Monetary Fund (IMF) Christine Lagarde, EU President Herman Van Rompuy, President of the European Commission (EC) Jose Manuel Barroso and the leader of the eurozone finance ministers Jean-Claude Juncker.



President of European Central Bank (ECB) Mario Draghi joined a little later. He slowed on Thursday, hopes for a massive intervention of the institution he leads the crisis, calling on governments to "make up".



Upon arrival, Lagarde promised that the IMF will "participate" to "efforts" against the euro area debt crisis.



"The euro has lost credibility, the credibility of the euro should be restored, and to this end we must say clearly that accept additional commitments" in the budget, said Angela Merkel, on arrival, according Mediafax.ro.



Summit promises to be difficult, after Berlin and Paris have failed to settle all disagreements on means to strengthen budgetary discipline, in parallel with an increase in solidarity between euro area countries.



Changing EU treaty to establish a firm budget discipline, which requires a unanimous vote by the 27 member countries, faced with opposition. "I have a support for amending treaty" in Sweden, Swedish Prime Minister announced the arrival Fredrick Reinfeldt.



Thus, Berlin and Paris could turn to an intergovernmental agreement limited to euro area countries.
9:38 p.m. Update Financial Analysts: Summit in Brussels will be a failure, but the euro will survive

Summit in Brussels that starts Thursday will provide a decisive solution to the crisis that devastated the euro area sovereign debt, but the monetary union will survive in its current form despite this failure, according to a survey conducted among financial analysts. Most of those who said that the euro will survive, 33 of the 57 analysts see, is very low. Two thirds of respondents expect the summit, which takes place over two days, to fail. "It is quite clear that the euro area countries are striving to preserve the Union. They give all realize that the collapse of the euro area would be an apocalyptic event. The current system has flaws, but the alternative would be a leap into the unknown and I think most consider it would be a very troublesome job, so stick with tape here and there to keep things together, "said Dan McLaughlin, an analyst at Bank of Ireland, quoted by Mediafax.ro. Several weeks ago, was conducted a similar poll in which most analysts said that the euro area will not survive in its current form. European leaders should announce Friday at the conclusion of the summit, the strategy to stop the crisis of sovereign debt two years, which ranged from smaller euro area economies in countries like Italy and Spain. France and Germany, the two largest economies in the monetary union plan amendment support the Treaty of Lisbon to strengthen budgetary discipline and reform the tax rules, write Mediafax.ro. Changing faces opposition treaties of the EU members outside the euro area and countries such as Britain and Finland have threatened to block an agreement if not obtain guarantees to protect national interests.
7:20 p.m. Update Barroso: EU to revise the treaty but to ensure the irreversibility of euro

European Commission President Jose Manuel Barroso, the European Union Treaty conditioning Thursday changes to ensure irreversibility of the euro and strengthen the role of community institutions. He said at a meeting of the European People's Party (EPP) in Marseille, that member countries should be able to ensure that they are able to ratify the Treaty changes, a review is always a complex process. "It is essential to guarantee the revised treaty that the European Commission, European Central Bank, the European Court of Justice and European Parliament. A stronger Europe is a Europe needs stronger institutions," said EC President. Barroso added that "one can say if give a review to ensure the irreversibility of the euro and European integration better and not a fragmented market that is to strengthen the coherence and unity and not create new dividing lines between countries ". EU head of government thinks that these conditions can reach a consensus at the European summit which begins tonight.
7:08 p.m. Update Sarkozy: Europe explosion risk has never been so great

French President Nicolas Sarkozy, said that "the risk of an explosion of Europe was never so great", warning that Europeans have available only a few weeks to take steps out of the crisis. "Never has Europe been so necessary, was never in danger so great. Never a State wanted so much to join the EU, Europe has never risk of explosion was so great," said Sarkozy in a speech in Marseille a few hours before the start of the summit in Brussels, writes Mediafax.ro. "Europeans have available only a few weeks to make decisions," said French President. Moreover, Srakozy said that Europeans must arrive on Friday an agreement on integrated economic governance, otherwise they might not have a second chance, write Mediafax.ro. "We have to decide immediately. The decision further delayed, with the more expensive, it will be less effective, if Friday will not reach an agreement, we will not have another chance," Sarkozy insists .
6:13 p.m. Update Croitoru: A doomsday scenario is not euro, European leaders do not want to leave euro to disappear

BNR Governor adviser, Lucian Croitoru said that a scenario without the euro is "apocalyptic", which would have many implications, and that "almost impossible" that European leaders want to leave the euro to disappear. "An apocalyptic scenario without the euro is one that would have many implications. Personally, I do not think we can speculate on the disappearance of the euro. If you think about the consequences, it is almost impossible for European leaders want to leave the euro to disappear," said Croitoru, in the EU-co seminarian held in Sinaia by Alpha Bank and National Bank. BNR Governor adviser stressed that Romania, in terms of economic growth is dependent on external funding, depended and still depend on foreign capital flows.
6:08 p.m. Update Barroso on national budget control by the EC: There will be a dictatorship of the Brussels

There will be a dictatorship of Brussels wanted to reassure European Commission President Jose Manuel Barroso, the participants in the EPP Congress, referring to the national budget control by the EC. "Citizens must know how difficult the situation really is. Member States should meet their commitments that they have taken to reduce public debt and make the right choices to restore growth" in various economic sectors, the Jose Manuel Barroso said before a crucial summit considered the fate of the euro area. "Get your facts straight name. We support a Europe aa stability, but also a Europe of solidarity. Therefore we must strengthen the EU and to create economic governance. It would be difficult to maintain the common currency in other circumstances" , said European Commission President. He wanted to clarify and control the future of the national budget by the European Commission, a decision criticized by several European leaders. "Let's clarify one thing. Nations will set their national budgets, but economic policies related to the common interest of Europe that budgets are interrelated and we must ensure that there is a consistent EU budgets. There will be a dictatorship of the Brussels site. Rather, we must together democratically accountable. Some talk about sovereignty, but if you do not build a European democracy, sovereignty will be the market, we will not have any control. Yes sovereignty, but sovereignty shared "said Jose Manuel Barroso.