There is a widely held view that the EU single currency needs a fiscal union in order to function smoothly.
The "building blocks" for strengthening economic union will be drafted by the European Council President, Herman Van Rompuy, with input from the European Commission and European Central Bank. Mr Van Rompuy announced the initiative after an EU leaders' dinner.
"There was general consensus that we need to strengthen the economic union to make it commensurate with the monetary union," he told a news conference in Brussels on Wednesday night.
His report before the summit on 28-29 June would outline "the main building blocks" and "a working method to achieve this objective", he said.
Eurobonds, more integrated banking supervision and a common deposit insurance scheme would be among elements to consider, he added.
The meeting came amid heightened anxiety about Greece, whose massive credit lifeline from the EU and IMF could dry up if it reneges on tough pledges to rein in spending.
Greece's leftist political bloc Syriza, opposed to the bailout, may win the country's election on 17 June.
Mr Van Rompuy was the chief architect of the EU's fiscal compact, adopted in December as an inter-governmental agreement rather than a treaty change, after UK Prime Minister David Cameron objected to it.
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