European shares were called to open slightly higher on Wednesday after closing flat in the previous session as investors waited on the sidelines ahead of a summit of European leaders on Thursday.
Hopes for decisive action and a consensus on how to tackle the euro zone debt crisis at the summit have already faded.
German chancellor Angela Merkel appeared to kill off the prospect of Europe wide bonds at birth in comments made on Tuesday, saying Europe would not share total debt liability "as long as I live".
Her comments came as European Council president Herman Van Rompuy released a seven-page report on closer fiscal and banking union, outlining plans for a euro zone treasury that would issue common debt in the medium term.
The FTSE was expected to open 24 points higher at 5470, the DAX was seen opening higher by 36 points at 6172 and the CAC 40 was called to open higher by 12 points at 3024.
Credit ratings agency Egan-Jones cut Germany's rating to A-plus with a negative outlook from AA-minus, noting that the fallout from a Greek exit from the euro zone was still a concern.
On Wednesday, euro zone finance ministers will hold a teleconference to discuss a request for emergency lending from Cyprus and the details of a similar request from Spain, euro zone officials told Reuters.Page 1 of 3 | Next Page