The EU leaders will take stock of progress on the bloc's financial and economic policies just hours after their finance ministers reached a breakthrough, middle-of-the-night deal determining who will pay for future bank bailouts, so that taxpayers don't have to.
This is a key step toward establishing a so-called banking union for Europe, aimed at restoring stability after a tumultuous few years that have dragged down the global economy.
The set of rules determines the order in which investors and creditors will have to take losses when a bank is restructured or shut down, with a taxpayer-funded bailout being only a limited last resort.
"That's a major shift from the public means, from the taxpayer if you will, back to the financial sector itself which will now become for a very, very large extent responsible for dealing with its own problems," said Dutch Finance Minister Jeroen Dijsselbloem.
There you go doomsayers, who were claiming every country in the EU would strip taxpayers their accounts, because one country went rogue on a decision.