EU leaders meeting in Brussels this week have lots on their plate with a financial crisis raging, soured relations with Russia, and questions about the bloc's future after Ireland's rejection of the Lisbon Treaty.
At the top of the agenda in Brussels will be the issue of how the EU can work to restore confidence in financial markets traumatized by the worst declines in almost 80 years.
Ahead of the summit, European Commission President Jose Manuel Barroso said that Europe and the rest of the world must rethink financial regulation and supervisory rules, including for hedge funds and private equity, once the crisis subsides.
He said he was encouraged by stock market surges following Sunday's adoption of a coordinated 2.2 trillion euro ($3,023 billion) rescue plan for banks in eurozone countries.
"Once we have put financial markets back on their feet, we must ensure that in the future, they function properly for the benefit of citizens and businesses, rather than themselves," Barroso said.
German news agency DPA has reported that diplomats expect the EU summit to throw its weight behind the euro-group decision rather than proposing new measures.
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http://www.dw-world.de/dw/article/0,2144,3710694,00.html
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