Before leaving for the summit, German Chancellor Angela Merkel called for the EU to be given veto power over national budgets. But European leaders remain divided on the idea.
Chancellor Merkel, who faces elections next year, has tied her political fate to the survival of the common currency. But despite her efforts, Greece's economy continues to reel.
Greece could finally default in March when massive bond payments are due.
Germany and Austria became the last two EU members to lift labor market restrictions on workers from Eastern Europe on May 1.