Will markets wait for euro solution?
European leaders are preparing for an EU Summit in Brussels on Thursday - amid rising scepticism from financial markets that anything concrete will be achieved to tackle the region's debt crisis.
On Tuesday officials released a grand plan for closer economic union between the countries that share the Euro.
The seven page document proposed a European Treasury and a European banking union with power which would bring all eurozone banks under one regulator and establish a Europe-wide scheme to guarantee deposits.
However, analysts and economists are sceptical about these proposals and have said the markets may not wait much longer for a resolution.
Daniel Murray is Chief Economist at Swiss firm EFG Asset Management. He told the BBC, time is against European leaders in their bid to stem the crisis.