Three main items will be discussed at the 15/16 October European Council meeting, the refugee crisis, the euro area integration process, and the UK referendum. No major decision is expected on any of these topics, however.

Having already approved an increase in the EU budget for refugees of more than €400m, the EU leaders are expected to intensively review all aspects of the migration crisis. On the euro area integration process, the EU leaders will further discuss the Five Presidents' Report. 

The Capital Market Union and the Common Deposit Guarantee Scheme will also be on the agenda, though any tangible progress on these issues is highly unlikely.Finally, EU President Tusk will present the state of play on the technical analysis of the UK referendum. 

"While PM Cameron is hoping for concessions, notably on EU migrants (both in terms of restrictions of free movement and benefits) and on some sort of budget rebate, the other EU leaders are likely to remain hesitant to agree to any significant concession, at least at this stage", says Societe Generale.