German Chancellor Angela Merkel said on Monday that Europe should be able to find a common compromise. She warned that if the "euro fails, Europe fails". But Merkel added that that Europe's principles "need to be fought for".

"Again and again we hear the question: 'can't we, just for once, shelve the principles?' And here we have to say: 'No we cannot' ... and that's because we want Europe to emerge from this crisis stronger than it was when it went into the crisis," she said.