German Chancellor Angela Merkel rejects the intervention of the ECB to solve debt crisis amid support from France for more help from the ECB to counter crisis.

While Sarkozy sees the ECB a favorable crisis backstop, Merkel revealed that the ECB should be used as lender of last resort.

Merkel said yesterday I'm convinced that none of these approaches, if applied right now, would bring about a solution of this crisis, Merkel said. If politicians believe the ECB can solve the problem of the euro's weakness, then they're trying to convince themselves of something that won't happen.