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However, both the two leaders firmly resist another way-out suggested by Luxembourg and Italy: creating joint eurozone bonds, or E-bonds that will support troubled countries and calm speculation.
Merkel said earlier that such Eurobonds would not comply with eurozone governing treaties and give wrong signals to nations since they should fix their poorly-balanced budgets first rather than borrow more money.
"We want exactly the opposite - making states more responsible, not less responsible," Sarkozy said in the press conference.
Merkel and Sarkozy also rejected the idea of increasing the current stabilization fund.
"For us in Germany, the question of expanding the rescue mechanism is not now on the table," Merkel said. "Less than 10 percent of the rescue mechanism has been used for Ireland."
Merkel said that her country firmly support France's G8 and G20's presidency next year, adding that the two countries would better coordinate on tax policies and other economic issues.
"We should set an example on questions of competitiveness, how far we can go beyond pure budget policy," she said.