Brussels - A European Union summit called to discuss a set of guidelines for reforming the global financial system dragged on Friday, suggesting the bloc's 27 leaders were struggling to find an agreement.

The lunchtime talks in Brussels were still underway at 1450 GMT, nearly one hour after a scheduled final press conference from the French presidency of the EU had been due to take place.

EU leaders were discussing guidelines on how to reform the global financial system in the wake of the current turmoil on world markets.

Brussels - The deployment of warships from European Union states against pirates off the coast of Somalia is to begin in December, EU diplomats said Friday.

The final decisions on the matter are to be taken on Monday at a EU foreign ministers' meeting in Brussels.

The operation, to be called Atalanta, is to be led by an admiral from Britain's Northwood naval command, and tasked with protecting freighters against pirate attacks either off the Somali coast or on their way into Mogadishu ports.

Brussels - European Union leaders were gathering in Brussels on Friday in a bid to forge a common position on overhauling the world financial system and avoiding a repeat of the current market turmoil.

During their lunchtime summit in Brussels, leaders were to discuss a revised paper submitted by the French presidency of the EU, which sets out five broad guidelines.

In particular, the paper calls for strengthening the International Monetary Fund's (IMF) supervisory role and boosting funding for the Washington-based body with additional contributions.

Brussels - European Union leaders are meeting in Brussels on Friday to hammer out a common stance on pursuing a rapid overhaul of the world financial system in the wake of the recent round of global market turmoil.

During their lunchtime summit in Brussels, leaders are to discuss a revised paper submitted by the French presidency of the EU, which sets out five guidelines designed to avoid a new credit crunch.

Brussels - The European Union is close to a deal on re-starting talks on a strategic treaty with Russia which it froze following Russia's occupation of Georgia, diplomats said Thursday.

But Lithuania, in particular, is still against any such move, especially since Russian President Dmitry Medvedev on Wednesday threatened to site missiles across Lithuania's border in the Russian exclave of Kaliningrad, sources told Deutsche Presse-Agentur dpa.

Brussels - The Polish government must sell off two loss-making shipyards which were the cradle of the anti-Communist Solidarity movement to claim back hundreds of millions of euros in illegal state aid, the European Union's executive ruled Thursday.

"State aid granted to the shipyards in Gdynia and Szczecin gives rise to disproportionate distortions of competition ... in breach of EC Treaty state aid rules, and must be repaid," EU Competition Commissioner Neelie Kroes told journalists in Brussels.