The European Union will hold a special summit to discuss the euro zone crisis on Monday.

The key agenda of the gathering is for euro zone leaders to reach an agreement on a final draft of an intergovernmental treaty in order to transpose stricter budget rules into law.

The treaty will affect 26 EU members except the UK and calls for stricter fiscal rules. Violators of the pact will be subject to automatic sanctions.

Some experts allege the treaty is essential to preventing debt crises among the European bloc, but many EU members apparently still differ on the details of the pact, including target areas and conditions on activating the deal.

The special summit will also discuss finances of the rescue funding program, the European Stability Mechanism, and whether it can secure additional funds of 500 billion euros.