Leaders of the 27 European countries are meeting in Brussels. They are there to try to find a way to keep the European debt crisis from spiraling out of control.

The informal summit in Brussels will be chaired by the President of the European Council, Herman Van Rompuy. The focus of the summit will be stimulating growth. Germany, which led the push for austerity, insists that growth will be the product of tough reforms.

Others say such reforms will take a while to bear fruit. Leaders are expected to tread a fine line between talking about ways to promote growth and sticking to commitments to balancing budgets.

Germany's Chancellor Angela Merkel and France's President Francois Hollande (R) attend an informal EU leaders summit in Brussels May 23, 2012. [Agencies]

It's the first time newly elected French President, Francois Hollande attends such EU meeting. Hollande is expected to discuss "euro bonds," an idea strongly opposed by Germany. The so-called euro bonds are jointly issued bonds that could be used to fund anything and could eventually replace an individual country's debt. Eurobonds would protect weaker countries by insulating them from the high interest rates they now face.

Meanwhile, a so-called "fiscal pact", led by Germany's Chancellor Angela Merkel, will also be discussed in the summit. It would tie member countries to strict fiscal and deficit targets. However, it is opposed by France’s new President, Francois Hollande. He insists that he would not sign Europe's fiscal pact until it includes measures to promote growth.

Amid the widespread doubts about the outcome of the EU summit, the euro has plunged nearly 0.9 percent against the US dollars, to a 21 month low. Investor dump the currency on the concern of Greece’s possible exit from the eurozone.