All eyes are on the European Council Summit, set to begin in Brussels on Thursday where leaders from the 27 European Union states are expected to discuss ways to tackle the eurozone debt crisis.

Even before the summit, German Chancellor Angela Merkel indicated that there would be no magic formula to solve the crisis.

Merkel and France's Francois Hollande had a two-hour meeting in Paris on Wednesday on the eve of the Brussels summit.

"Because I know the expectations and hopes that are pinned on this summit, I will repeat right at the start what cannot be said often enough," said Merkel in Berlin before the Paris talks.

"There is no quick solution and no simple solution. There is no one magic formula... with which the government debt crisis can be overcome in one go," she added.

Merkel and other leaders are openly divided over the handling of the debt crisis with Germany opposed to pooling the region's debt and sticking to the imposition of strict austerity measures.

Merkel hoped that the 130bn-euro ($162bn) stimulus package would be adopted by the leaders.

The two-day summit would be the stage for another round of heated discussions on the emergency measures to tackle the crisis.

EU leaders have so far met 20 times to try to solve the crisis that began in Greece in 2010 and later spread to other parts of the Europe over the years.

Apart from the focus on the debt crisis, the summit would discuss and likely endorse the country-specific recommendations prepared by the European Commission which include guidance to member states on their upcoming national budgets, structural reforms and employment policies.

The EU council would also be focusing on implementation of the EU growth agenda with particular emphasis on youth employment. Ways to improve trade and investment among key EU partners would also be the focus of the summit.

Multiannual Financial Framework (2014-2020), on the basis of a "negotiating box" prepared by the EU presidency and the question of opening accession negotiations with Montenegro are also expected to be on the agenda of the summit.

Greek Prime Minister Antonis Samaras and his Finance Minister Vassilis Rapanos, who was forced to resign before taking office would not be attending the summit.

Samaras underwent eye surgery on 22 June.