Greek Prime Minister George Papandreou in comments before the summit, said the challenge for Europe and the eurozone is to manage certain "systemic problems" in the latter's economies, adding that the current summit and another in March will be significant for establishing the conditions to create a permanent solution.

A key objective of the negotiations will be the establishment of a single energy market.

The summit dealt with stimulating innovation and European economic reform issues, as well as the situation in Egypt and Tunisia.

KKE on EU Summit meeting

Opposition Communist Party of Greece (KKE) secretary general Aleka Papariga on Friday referred to the EU Summit meeting being held the same day in Brussels, stressing that debt is not the main issue in the “competitiveness pact”.

Papariga said the main issue, in her opinion, is the complete deregulation of the energy market, "which will bring the country face-to-face with fierce rivalry", as she said.