News Summary: Low expectations for Brussels summit
SCRAPPING: European Union leaders are tussling at a Brussels summit over how much power to cede to central authorities to ensure their debt crisis never repeats itself.
IN THIS CORNER: German Chancellor Angela Merkel is pushing a proposal to make the European Union's monetary affairs commissioner a "budget czar" to enforce the bloc's budget rules, including the power to refuse member countries' proposed spending and tax plans and push for changes. That will keep Europe from repeating past mistakes, she says,
IN THE OTHER CORNER: President Francois Hollande of France says the suggestion is simply not on the table at this summit. He does favor another plan that would require the 17 countries that use the euro to hand over some sovereignty.