German Chancellor Angela Merkel gives a government declaration in the Bundestag prior to a European Council meeting in Brussels on October 18, 2012 in Berlin, Germany. - 

Each day brings a mix of progress and setbacks in the European debt crisis, but some days are more critical than others. Today, EU leaders are gathering for a summit to discuss, among other things, the possible implementation of a so-called banking union. The proposal calls on the European Central Bank to regulate commercial banks across the Euro countries.

The plan is not without controversy. There is disagreement among the member countries about whether or not to implement a eurozone-wide deposit insurance program similar to the Federal Deposit Insurance Corporation (FDIC) here in the US.

Also on the summit agenda is Greece and its fiscal progress. Analysts believe Greece's recent implementation of austerity measures will earn the country another round of bailout funds -- helping to stave off default and avoid a Greek exit from the eurozone.