European Council president Herman Van Rompuy will continue his rounds of 'shuttle-diplomacy' with Eurozone leaders today as he visits French President François Hollande at 14:00 London time.

Van Rompuy is comparing notes with the big guns in the single-currency countries as they prepare for an EU summit to be held in October where the function of the Eurozone's new rescue fund -the so-called ESM- is expected to be ironed out. As an aside, German Finance Minister Wolfgang Schäuble said yesterday that he was "completely sure" the permanent bailout fund would be approved in the country's Constitutional Court on September 12th.

The European chief is coming off a meeting held yesterday with "euro leader" Angela Merkel; while Hollande was most likely tying up agreements, with Italian Prime Minister Mario Monti.

In any case, Hollande, while attempting to be encouraging, made it quite clear that investors shouldn't expect any immediate action: "The European Union should agree on solutions to the situation in Spain and Greece at the summit on October 18th and 19th," he said.

As the news broke yesterday, a Forex Live strategist blogged the following: "A summit! What a wonderful idea! Everything will be solved after a summit, won't it?"

Although the French president says leaders "should" get something done, just in case they don't, Van Rompuy confirmed this week that another summit would be held on November 22nd and 23rd.

JM

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