The Council is the main decision-making body of the European Union and its spring meeting this week will be the final opportunity for European leaders to agree on their position ahead of the London Summit of the G20 group of emerging and developed countries on 2 April.

As well as agreeing a London Summit agenda, leaders will discuss the stability of financial markets, the EU's strategy for jobs and growth - a traditional subject of any spring summit but of particular importance in the present situation.

As is customary, foreign affairs ministers met ahead of the European Council meeting on 16 March to examine the draft conclusions, which were prepared by the Czech presidency.

The meeting is likely to focus on five main topics, all of which were discussed by G20 finance ministers at their meeting Horsham on 14 March. These are: international coordination; IMF reform; financial regulation; and assistance for developing countries. The first is the international coordination of action including the coordination and implementation of fiscal stimulus measures, restoring credit flows and avoiding a return to protectionism.
It is also expected to discuss prevention of future crises, primarily by promoting the Action Plan adopted at the G20 Washington Summit in November 2008.

On the IMF itself, leaders will discuss the amount of money countries are willing to contribute to the IMF as part of the 'very substantial' increase in its resources agreed at the Horsham meeting; and proposals for reform of governance of the IMF and World Bank.

The issue of market regulation will cover a host of issues including financial market oversight; regulation of all financial markets; credit ratings agencies; financial crime and tax havens; supervisory coordination; and banks’ capital requirements. Finally on support for developing countries the debate will centre on development aid and meeting the UN Millennium Development Goals.