A report prepared for the summit by a Van Rompuy-led task force said in the medium term there is a need to establish a credible crisis resolution framework for the eurozone capable of addressing financial distress and avoiding contagion, but the precise features and operational means of such a crisis mechanism will require further work.

Parallel with the call for a permanent crisis resolution mechanism, Germany and France also wanted future violators of EU budgetary rules in the eurozone to be temporarily deprived of their voting rights in EU decisions.

But the radical proposal appeared to have won little support among the EU leaders.

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