The European Commission will be fast-tracking its proposals for tighter budget controls among its members and should be in a position present its final proposals by the end of this month.

Sources close to the ongoing EU summit in Brussels said that EU leaders have already agreed the broader terms of stricter EU rules but some member states, particularly the UK, have remained reluctant on the idea of sending their annual budget proposals for a peer-review before presenting them to Westminster.

“Today’s summit discussion is focusing on the broad guidelines on the debate on economic governance. The President of the Commission, Jose’ Manuel Barroso has already told EU leaders that he will push to have concrete proposals buy the end of this month.”

Meanwhile, the sources said that there is broad consensus among the 27 member states on the EU2020 strategy for growth and jobs aimed at kick-starting the EU economy. Member states have agreed on the five main headline goals to be reached by the EU in 2020 but will now pass to translate these common objectives to individual country programmes.”

Through the EU 2020 strategy, the EU is intended to reach a number of targets including an increase in the number of people in employment, a reduction in poverty and increased investment in R&D.

Prime Minister Lawrence Gonzi, who is representing Malta at these talks, is expected to address a press conference in Brussels at the end of the summit.