The German Chancellor, Angela Merkel called for a closer political union, where she explained that the time has came from Europe to move toward closer political union as leaders attempt to prove that euro-area region is serious about ending the two-year old debt crisis and prevent it from spreading to larger economies.

The Chancellor told her Christian Democratic Union that she attempts to salvage the euro with all the current members; however she said that fundamental changes in the policy are required.

Yesterday, Merkel said in an interview with ZDF TV that I believe this is important for those who buygovernment bonds that we make it clear that we want more Europe step by step, that is that the European Union, and the euro area in particular, grows together, and added Otherwise people won't believe that we can really get a handle on the problems.