German Chancellor Angela Merkel and French President Nicolas Sarkozy have hammered out a common position on the euro debt crisis ahead of a crunch meeting of eurozone leaders today.

Details of the deal have not yet been released, but there are indications that a new tax on Europe's banks to help fund any new aid packages may NOT be part of the deal.

Mark Urban is in Brussels for Newsnight - don't miss his report on the Euro Summit in tonight's programme.