European Union leaders will meet on May 23 for extraordinary talks expected to focus on how to boost growth.

EU President Herman Van Rompuy announced the date for an “informal dinner of heads of state or government” on Twitter.

The talks precede a scheduled EU summit on June 28-29, which will see French President-elect François Hollande take a seat for the first time. Mr Van Rompuy’s invitation was announced just as the European Commission refreshed a bid to increase spending on growth measures, a move that might trigger a rise in the EU budget.

“While the return to lasting growth will take time, a turnaround can be achieved by the end of this year if the necessary decisions are taken now,” Commission President Josè Manuel Barroso said.

Re-packaging a string of proposals going back 18 months – seeking to leverage public and private investment especially in energy, transport and digital infrastructures – Mr Barroso said national governments urgently need to “decide now”.

The Commission wants to throw €50 bilion at these areas. Much of this is depends on greater private funding and would require new pooled EU “project bonds”.