BERLIN German Chancellor Angela Merkel said on Monday that she hoped to have agreed by the end of the year a process towards closer political co-ordination and greater accountability within the euro zone.
"There are further steps we must take. As this crisis must be solved largely politically we need to do what we didn't do sufficiently when the euro was introduced, namely have more co-ordination and more accountability," she told a news conference.
She added the euro zone needed mechanisms to help countries that are not competitive enough.
(Reporting by Stephen Brown and Noah Barkin)