Addressing thousands of delegates of her conservative party on November 14, Merkel described the crisis as “the toughest hour since World War II” and made clear that Germany will have to make more sacrifices to deal with financial events in Europe.

Merkel added that the European Union’s structure must be developed further to create a Europe that ensures that the euro has a future.

The German chancellor said the euro is far more than just a currency. It is the symbol of European unification and it has become the symbol for half a century of peace, freedom and prosperity.

The leader of Europe’s biggest economy stressed that if the euro fails, so will Europe.

Meanwhile, in Italy, Prime Minister-designate Mario Monti began talks on November 14 to create a new government of non-political experts. The effort follows the resignation of Silvio Berlusconi and the approval by parliament of emergency austerity and reform measures.

Monti, a 68-year-old economics professor, has pledged to act "with a sense of urgency" to identify ministers in the new government and has said he hopes to secure a strong team. He was meeting various political parties throughout the day.

Monti’s new government will be tasked with implementing economic reforms aimed at reviving a stagnant economy and decreasing public debt.