Prime Minister Lawrence Gonzi will today join the rest of EU leaders in Brussels to discuss the situation and a 10-year plan aimed at boosting the Continent's economic relevance.

The extraordinary summit, the first to be called since the election of Herman Van Rompuy as the EU's first full-time President, will also address economic problems facing the eurozone, particularly those related to the falling value of the euro as a consequence of the massive Greek deficit revealed in the past weeks.

The EU leaders will mainly focus on the long term, with an exchange of views to take place on the European Commission's proposed EU 2020 strategy - the economic plan meant to replace the failed EU's flagship Lisbon Agenda for growth and jobs.

Commission president Josè Manuel Barroso will present the priorities of the new economic strategy ahead of the publication of the EU Executive's formal proposals, expected by early March.

In his invitation to heads of state and government, President Van Rompuy said the EU 2020 strategy "requires ownership and commitment at the highest level... The new strategy needs to become our joint responsibility".

The Lisbon Agenda, designed in 2000, was meant to turn the EU into "the world's most dynamic knowledge-based economy by 2010". However, the target failed miserably as many member states, including Malta, did not reach the agreed economic and social targets, including an increase in the employment rate, more females at work and higher education levels.

The EU is now hoping to re-launch a new strategy based on more focused targets.

Some member states are pushing for the inclusion of sanctions related to the new targets so member states will be bound to reach them. However, other states oppose the idea preferring a more lenient approach where targets remain non-binding.

The summit will also discuss the next steps the EU will be taking with regard to climate change following the failed UN summit last December.