• European Union officials are preparing for a key summit in Brussels later today, where they will be trying to clinch a deal on how to tackle the Euro-zone debt crisis.

  • The  key proposal on the agenda of the gathering is how to enforce budgetary discipline with automatic penalties for those Euro-zone nations that overspend.  

  • Germany and France are pushing for new EU treaties, saying stricter fiscal rules should be enshrined there. But European Council President Herman Van Rompuy is offering a plan, which only requires amending the treaties.

  • The 10 non-Euro-zone members of the 27-member EU, including Britain decide to move to a new treaty on their own.