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European shares were set for a flat open on Monday ahead of a euro zone finance ministers meeting in Brussels to flesh out plans to reinforce the single currency.
The FTSE was called to open 5 higher, but the DAX was expected to open 1.5 points lower and the CAC 40 was seen opening lower by 1 point, having both been called to open higher earlier in the morning.
The talks in Brussels may do little more than highlight the limitations of last month's deal to help indebted states and banks.
Decisions on banking supervision, how to use euro zone bailout money, aid to Spain and Cyprus and whether to grant concessions to Greece are likely to take months to finalize, while pressure for action is growing.
However, ECBPresident Mario Draghi will testify to the European Parliament before ministers meet, and after cutting rates last week could signal more dramatic measures to help Europe such as buying government bonds or flooding banks with fresh liquidity.
The meeting follows an appeal from the Spanish prime minister on Saturday for the European Union to act swiftly on agreements reached at the June leader’s summit which included plan to empower the euro zone’s bailout fund to recapitalize banks directly.
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