European Union Has To Face Multiple Issues Before The Summit

The European Union, perhaps the world's most ambitious political and economic experiment, is currently facing a series of unprecedented crises that threaten to undermine its very existence.

As the Brussels summit approaches Thursday, leaders of the 28-nation bloc will have to iron out a sound collective response to the worsening refugee problem, continuing effects of the Eurozone crisis, and of course a planned UK referendum on EU exit.

"It's anybody's guess now whether it will survive long term. I think it's that serious. It's not just the migration crisis, or Brexit. The challenge is the lack of faith in the mainstream political class in Europe that is evident across the continent, manifested in the rise of populist movements. The migration crisis has simply highlighted it," remarked Ian Kearns of the London-based think tank European Leadership Network as quoted by Lockport Journal.

Before the start of the European summit, British PM David Cameron is expected to meet EU leaders as he prepares to make his case of renegotiating UK's existing relationship with the union.

"We have made progress [on renegotiation], but there's details to be pinned down. Nothing is agreed until everything is agreed," a Cameron spokesman said as quoted by AFP in a report by the International Business Times.

As tensions rise over Brexit debate and planned referendum this year, the British pound is expected to become increasingly volatile these days as the sterling fell to its lowest level last week.

"Pound traders will likely play it cautious before the summit. Brexit risks are two-sided. It is certainly not a comfortable setting for the bulls to lead the game. Yet not for the bears either," explained market analyst Ipek Ozkardeskaya according to a Bloomberg report.

Meanwhile, Bosnia-Herzegovina has formally submitted its application of EU membership ahead of Thursday conference in a bid to "overcome political and ethnic divisions".

"At a time when the union is questioned from within, seeing that with our immediate neighbors there is such an energy and willingness to join and work hard to adapt their countries, society, economy, institutions, systems to the European standards, gives us the sense of responsibility we have also towards our European Union citizenship," said EU Foreign Policy Chief Federica Mogherini as quoted by BBC news.