European leaders have begun arriving in Brussels for a crucial summit aimed at resolving the eurozone debt crisis.
The main item on the agenda will be the Franco-German plan to introduce a new treaty tomove the EU towards greater fiscal union.
Earlier in a speech in Marseille to European conservative party leaders, the French President Nicolas Sarkozy warned there would not be a second chance to save Europe.
Sentiments shared by his German counterpart, Angela Merkel who spoke of the need to regain the euro’s credibility. That can only be achieved she said if Europe forged a new treaty to create a more stable union.
Several countries are sceptical of full-blown treaty change. But efforts to install tougher budget discipline drew support from the head of the International Monetary Fund, Christine Lagarde.
She warned, however, that lots of work still needs to be done: “It has to be coordinated and decisive and the IMF will contribute to this effort,” she added.