EU summit: Germany unlikely to give its credit card to others

European countries have gathered to in today's EU summit starting in Brussels to boost growth in the region. But hopes are little as Germany has refused to back other countries' debts ruling out the proposals from European Council President European Commission President to create a eurozone treasury for issuing joint bonds to share the burden of debt troubled countries.

Experts say, German Chancellor Angela Merkel is unlikely to change her position.

“My feeling is that Mrs Merkel will stick to her point. She would not give the German credit card to other countries’ without having a sufficient degree of control over what these and other countries are doing with expenditure and economic policy in general,” Johan Van Overtveldt, editor-in-chief of the Trends magazine.

Merkel has called for creating a fiscal union before any further debt sharing so the EU leaders are going to focus on creating banking union as a fundamental step.

Both Italy and Spain have been pressing other European countries to intervene in the bond markets to bring down their borrowing costs before they are expelled from the market.

The EU leaders are also expected to endorse a €130 billion package to stimulate economic growth for the eurozone. It was presented by French President Francois Hollande, Angela Merkel, Italian Prime Minister Mario Monti and Spanish Prime Minister Mariano Rajoy in Paris last week.