The two-week political stalemate in Washington might be dominating the headlines, but across the Atlantic, euro zone ministers have been wrangling over a vital piece of financial regulation for months.
The much-debated pan-European banking union looks likely to dominate the agenda at a meeting in Luxembourg on Monday of the 17 euro finance ministers – known as the Eurogroup.
But economists are unconvinced there will be any significant progress on the issue, given the lack of government in Germany.
(Read more: Merkel's crucial week in German government talks)
The meeting also falls against a backdrop of political uncertainty in the U.S., with the country's government in partial shutdown because of a failure to reach agreement over the budget.
Chris Scicluna, head of economic research at Daiwa Capital Markets, said that Europe's policy issues - "thankfully" – were a lot more mundane than those in the U.S., and as such were unlikely to draw much attention this week.
Although banking union would be discussed, he said, no agreement was anticipated at this meeting. "One reason for the current policy inertia in the euro area is, of course, the political vacuum in Germany," he wrote in a note on Monday.
To take the burden of rescuing shaky banks off the shoulders of debt-laden countries – one of the main causes of the euro zone's financial crisis -- European leaders have agreed to create a system that would move supervision of the financial sector to a European level. The European Central Bank is due to take over – under the "Single Supervisory Mechanism" – in the autumn of 2014. Another part of the European Banking Union is a common deposit insurance scheme to protect individual savings.