EU leaders open 'no taboos' growth summit

(BRUSSELS) - European Union leaders opened Wednesday a "no taboos" summit called to work out how to spur growth in the debt-stricken eurozone.

As markets plunged and the euro hit a near two-year low on worries over Greece's eurozone future and Spain's troubled banks, leaders were to discuss the possible launch of eurobonds -- jointly pooled eurozone debt -- and a tax on financial transactions.

With new French President Francois Hollande running up against fierce German resistance on the former, and recalcitrance in London on the latter, EU president Herman Van Rompuy welcomed the Socialist standard-bearer but told all bloc leaders they would need to find "a strong will to compromise."

Insisting that the informal dinner talks were only about paving the way for concrete action to re-balance Europe's economic policy away from austerity when they next meet in five weeks' time, he said: "All this will take time, but today we can open a perspective of hope.

"For the citizens of Europe, this is essential," he said.