A dozen center-right leaders from eurozone countries attended the meeting, including German Chancellor Angela Merkel and Italian Prime Minister Silvio Berlusconi as well as Enda Kenny, Ireland's prime minister-elect. European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy were also present at the meeting.

The meeting hosted by Finnish Financial Minister Jyrki Katainen, focused on economic management within the EU, the crisis management mechanism for members in financial difficulty, and strengthening the fiscal discipline of eurozone countries.

According to Katainen, who is the leader of Finland's National Coalition Party and EPP vice president, the meeting will hopefully assist in securing a healthy fiscal discipline within the eurozone.

At a press conference held after the meeting, Katainen said the leaders agreed that Europe needed stronger rules on debt. He stressed that eurozone countries should abide by stronger fiscal discipline in order to solve their economic problems, adding that any violation should be punished.

European Commission President Barroso also stressed the importance of stronger fiscal discipline among EU countries to prevent a new debt crisis. Barroso also said the meeting was a way of bringing the positions in the euro area closer prior to next week's meeting in Brussels.

German Chancellor Merkel also told journalists before the talks that she believed the EU will reach in a common guideline to solve the current economic problems.

The meeting gives EPP leaders an opportunity to thrash out a common approach at next week's meeting in Brussels aimed at formulating ways to repair eurozone finances. The eurozone economic crisis management mechanism will be a primary issue at the EU summit scheduled for the end of this month.