On Wednesday, May 23 in Bruxelles will be an informal summit of European Union countries. The agenda of the meeting - two key issues: Issue European debt and expanding the role of the ECB to combat the crisis. Apparently, the discussion of both the first and second issues initiated by French President Francois Hollande, who is, incidentally, the most active supporter of the introduction of European bonds. In addition, given the deterioration of Greek problems can be expected that at the upcoming summit F. Hollande will affect the question of amending the budget pact the EU, providing semi-automatic sanctions against countries that violate fiscal discipline.

Many analysts believe that the pressure on Germany, rendered in the meeting of G8, on May 23 may increase. Recall, the threat of going out from Euro monetary union of Greece as a result of parliamentary re-elections in the country has led to increased pressure on Berlin, who in 2009, 2011 actively opposed methods of dealing with the crisis of a flexible policy to stimulate the economy, which carried the United States. At the same time, Germany has traditionally been an opponent of pan-European bond issue, due to fears of Chancellor Angela Merkel on the growth of strain on the country's budget. Experts remind that F. Hollande received support from the United States at the G8 summit on the issue of uniform placement of Eurobonds. It is expected that at the summit in Brussels Hollande will be supported by the Prime Minister of Italy Mario Monti, the Spanish Prime Minister Mariano Rahoy and European Commission President Jose Manuel Barroso.

Recall, the European Commission in November 2011 called for the eurozone to accelerate release of a discussion of joint debt. Therefore, it is likely that Germany under the pressure may back down from the position of strict budgetary discipline and agree to the release of single bonds required to attract investment in the economic slowdown. It is important to understand that we are still talking about the issue of "project bonds" which had previously approved the Austrian Chancellor Werner Faymann. The proceeds from the sale of these bonds will be used for infrastructure projects. It is likely that the consent of Germany on the issue of such bonds may support the growth of stock indices.

Analysts said that investors will closely follow the proposals of the newly elected president of France on the expansion of mechanisms to support countries in the eurozone. Recall that after Hollande won the presidential elections held in France in May, he expressed the view that the ECB should adopt a more active role in resolving the debt crisis and fund countries experiencing difficulties through the European Stabilization Mechanism (ESM). Therefore, in addition to issuing Eurobonds, interest will be the use of the stabilization fund, the nominal volume of 700 billion Euros for direct capital injections into European banks. Against this measure acts Germany, believes that ensuring the stability of the national banking sector should be addressed at the governmental level of the monetary union. Solutions to the EU summit on these two issues will determine the mood of the bidders until the end of May.

However, it is important to understand that the agreements reached at the summit on May 23, although will form an impression about the EU's position, they will still be preliminary - final decisions will be made only at the official Summit of the EU, which will be held in June 28 - 29.

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