December 6th, 2011
05:26 AM GMT
Last week Olli Rehn, Europe's Commissioner for Economic and Monetary Affairs, warned the eurozone was entering a critical phrase to solve its debt crisis, which has deepened since Greece took its first bailout in May 2010. Rehn said the region has "10 days to complete and conclude the crisis response of the European Union."
Quest Means Business has been counting down the 10 days leading to the eurozone summit meeting. Some key moments so far:
November 30 – The U.S. Federal Reserve, European Central Bank and other central banks took co-ordinated action to oil the wheels of the world's financial system.
December 1 - We heard the first talk of stronger fiscal union among the 17 nations united under the single currency. Unlike other currencies, the euro members still have separate tax rates, budgets and other fiscal planning.
December 2 - World markets rally, and Europe markets finish their best week of gains since 2008.
December 5 – Italy's new prime minister, Mario Monti, presents a proposal with $41 billion in new taxes and spending cuts for a start of "painful measures" to help the eurozone's third largest economy emerge from its budget crisis.
December 6 – World markets in Asia and Europe awaken to the news that S&P issued an unprecedented downgrade warning to 15 of the eurozone's member nations - including Germany and France, the twin economic titans of euro currency members.