The heads of state or government of the Member States of the European Union convene for an important European Summit amid growing concerns over the future of the common European currency.
Leaders are scheduled to take formal decisions on their growth and budget consolidation strategy, building on the decisions they made during an extraordinary Summit on May 23.
The problems Europe's banks are facing will be on the summit's agenda and so will be the plan, unveiled by European authorities, to create a European treasury, which would have power over national budgets.
Both Spanish and Cyprian bailout requests will also be discussed in the summit. Another point for discussion by European leader whould be the confirmation of the launch of EU integration talks with Montenegro.
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