Euro's big four seek way out of crisis in Rome

The leaders of Germany, France, Italy and Spain will try to find common ground in Rome today to restore confidence in the euro zone ahead of a full EU summit next week, which Italy's prime minister called a defining moment.

Dangerously high borrowing costs for Spain and Italy have eased a little on market hopes for policy initiatives at the Brussels summit on June 28/29. If it falls short, both countries may be pushed closer to eventually needing sovereign bailouts.

Without a successful summit, "there would be progressively greater speculative attacks on individual countries, with harassment of the weaker countries," Italy's Mario Monti said in an interview carried in a number of European newspapers ahead of the mini-summit.

"A large part of Europe would find itself having to continue to put up with very high interest rates that would then impact on the states and also indirectly on firms. This is the direct opposite of what is needed for economic growth," Monti said.

Today's meeting will search for ways to achieve fiscal and banking union in the euro zone and, more urgently, it may also be the occasion for Spain to formally request assistance of up to 100 billion euros for its struggling banks.

The two hour meeting that started at noon, London time. It will be followed by a joint news conference by the four leaders.