In a continued effort to resolve the eurozone debt crisis, EU leaders arrived in Brussels Thursday for a summit to put in place the economic reforms needed to restore growth.
All 27 European Union members are in attendance at the two-day Brussels summit, which is being considered the last chance to save the euro, The Guardian reported.
German Chancellor Angela Merkel said reporters upon arrival, "The Euro has lost credibility and that needs to be restored," the BBC reported.
French President Nicolas Sarkozy had similar concerns, saying, "Never has Europe been so necessary. Never has it been in so much danger."
A plan designed by the two of them would reshape the eurozone through tight budget discipline, The Guardian said.
Many of their proposed ideas would call for major treaty changes, which officials said would require national legislative approvals and possibly national referendums, UPI.com reprted.
European Council President and summit Chairman Herman Van Rompuy offered a quicker alternative, seeking to exploit arcane EU protocols to revise the treaty and still accomplish what Merkel and Sarkozy proposed.
Britain said Van Rompuy's idea would require, at minimum, parliamentary ratification. The country said it would demand special protections if any treaty changes are made.
