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BERLIN — Pressed by a banking crisis and turmoil in the markets, Germany has indicated that it is prepared to accept a grand bargain that would provide greater support for its most indebted euro zone partners in exchange for more centralized control over government spending in Europe. 
  
 The German chancellor, Angela Merkel, said that finding the way to “more Europe, not less” was the next task for Europe’s leaders. “The world wants to know how we expect the political union to complement the currency union,” Ms. Merkel said at a news conference here Monday with José Manuel Barroso, the president of the European Commission. “We have to find an answer in the foreseeable future.” 
  
 German officials remain adamant that they are not talking about euro bonds, or jointly issued debt, which they have dismissed as unconstitutional. More likely is a plan to combine much of Europe’s bad debt into a single fund with the idea of paying it off over 25 years, an idea gaining traction in Germany as an alternative to euro bonds, officials say. 
  
 The worsening crisis has led to a sweeping effort to chart a new path forward for the union, one that encompasses fiscal integration, Europe-wide banking supervision, and tighter coordination of economic policies. 
  
 German leaders have not provided details of a potential deal — and not every country may be eager to sign on — but it would be likely to mean an expansion of executive power in Brussels over fiscal targets in member states and supervision of their banks, along with Europewide deposit insurance. It would go far beyond what was contemplated for Europe even six months ago. 
  
 Changes on this scale would not be easy, involving an arduous process of treaty alterations that could take years, and it is unclear if they would be enough to reassure markets of the stability of the euro. But as Ms. Merkel has repeatedly made clear, Germany would be open to rescuing ailing banks and member states in the region only if that were part of an overhaul of the basic architecture of European governance. 
  
 Such an expansion of central authority is not assured of universal support. While the weaker countries might be expected to sign on, it may well be opposed by Britain, which opposed an earlier effort to increase fiscal discipline out of concern for the effect on its banks. 
  
 Even less certain are the positions of Italy and, most problematic, France. Neither wants to find itself in the position of answering to fiscal and banking authorities that, fairly or not, will almost inevitably be deemed an arm of the German government. 
  
 But almost everyone agrees that something has to be done, and quickly. George Soros, the billionaire hedge fund investor, warned over the weekend that the “political and social dynamics” of the euro zone were “working toward disintegration,” and said that officials had at best a three-month window to repair the internal contradictions of the currency union. 
  
 Predictions of the euro’s demise in the absence of bolder action have grown louder as global growth slows, banking-sector woes compound and governments wobble. The mood was further depressed on Monday when the Group of 7 finance ministers said that they would hold an emergency conference call on Tuesday on the crisis and Portugal announced that it would become the latest European country to fall short of its growth forecast. 
  
 As the troubles mount, all sides turn to Germany, the only country with the financial wherewithal to calm the turbulence and guarantee the currency zone’s collective solvency. 
  
 “Nothing can be done without German support,” Mr. Soros said. 
  
 German officials worry that without safeguards on spending and deficits, the country would quickly be bled dry by overspending partners. To forestall that danger, a proposal by the government’s independent council of economic experts to pool excessive debt has garnered increasing attention. 
  
 Under the plan, largely ignored when it was introduced late last year, the debt overhang in the 17 members of the euro currency union — defined as any debt exceeding 60 percent of gross domestic product, or nearly $3 trillion by some estimates — would be transferred into a fund that would be paid off over roughly 25 years. The proposal differs from euro bonds in part because it is limited in scope rather than open-ended, which could help win approval by the German Constitutional Court. ||||| MADRID/TOKYO Spain said on Tuesday it was losing access to credit markets and Europe should help revive its banks, as finance chiefs of the Group of Seven major economies conferred on the currency bloc's worsening debt crisis but took no joint action. 
  
 Treasury Minister Cristobal Montoro sent out a dramatic distress signal about the impact of his country's banking crisis on government borrowing, saying that at current rates, financial markets were effectively off limits to Spain. 
  
 "The risk premium says Spain doesn't have the market door open," Montoro said on Onda Cero radio. "The risk premium says that as a state we have a problem in accessing markets, when we need to refinance our debt. 
  
 Spain is beset by bank debts triggered by the bursting of a real estate bubble, aggravated by overspending by its autonomous regions. The premium investors demand to hold its 10-year debt over the German equivalent hit a euro era high last week on concerns it will eventually have to take a Greek-style bailout. 
  
 Montoro said Spanish banks should be recapitalized through European mechanisms, departing from the previous government line that Spain could raise the money on its own. 
  
 The European Union's top economic official, Olli Rehn, said Madrid had not requested EU assistance but other sources said a lot hinges on an independent audit of the capital needs of Spanish banks, which is due to report soon. 
  
 Sources in Berlin and Brussels denied a report in German newspaper Die Welt that European officials were considering offering Spain a precautionary credit line via the bloc's rescue fund by mid-June. 
  
 Two Spanish government sources had said earlier that Madrid neither needed or wanted such a line. 
  
 "Nothing is being prepared, nothing has been asked for," a senior euro zone source told Reuters. 
  
 Another euro zone source pointed to the Spanish bank audit as the next pivotal moment. One option being discussed in some euro zone capitals was for money to be handed to the Spanish bank rescue fund FROB to avoid the government having the stigma of asking for aid, a third source said. 
  
 Montoro's comments on Spain's borrowing sent the euro down after the 17-nation European currency earlier hit a one-week high against the dollar on hopes that a conference call of G7 finance ministers and central bankers might hasten action. 
  
 The U.S. Treasury, which chaired that meeting, said in a statement that the G7 discussed "progress towards a financial and fiscal union in Europe" and agreed to monitor developments closely. But the group made no joint statement and took no immediate steps. 
  
 White House economic adviser Michael Froman said the EU had done a lot to address its debt problems but more action was required to reduce market anxieties. 
  
 "Europe has taken a number of very important steps in the last months to address the crisis," Froman told a panel at the CSIS think-tank. "It's clear now from the markets that they expect more, and more is needed." 
  
 Japanese Finance Minister Jun Azumi said the G7 finance chiefs agreed to work together to deal with the problems facing Spain and Greece, where elections later this month could push Athens closer to the euro exit door. 
  
 "I see market anxiety over world economy largely stemming from Europe's problems," Azumi told reporters in Tokyo. 
  
 "BIGGER SOLUTION" 
  
 European leaders, alarmed by the latest turn of events, have begun thinking seriously about the economic union needed to make the single currency project secure. But that end-game is months or years away. 
  
 "What we have learnt since the weekend is that all the talk about a bigger solution, a bigger response from the politicians is gaining some steam," said Rainer Guntermann, strategist at Commerzbank in Frankfurt. "At the same time it doesn't look like they have a quick fix at hand, not a fundamental game changer at this point in time." 
  
 One senior European G7 source, speaking just before the teleconference, said it was set to turn into a "Germany-bashing session", with other partners applying severe pressure on Berlin to do more to stimulate growth and help the euro zone. 
  
 The source, who requested anonymity due to the confidential nature of the call, confirmed that Germany was pushing Spain to accept international aid, as Greece, Ireland and Portugal have done, to help it recapitalize stricken banks. 
  
 "They don't want to. They are too proud. It's fatal hubris," the source said of the Spanish government. 
  
 Berlin and the European Central Bank have so far resisted pressure from Madrid to ride to its rescue without forcing Spain into the humiliation of an internationally supervised bailout. 
  
 French Foreign Minister Laurent Fabius said Europe must find a solution to the Spanish banking crisis that did not add to Madrid's already heavy budget deficit. 
  
 The ECB holds its monthly rate-setting meeting on Wednesday and European Union leaders meet on June 28-29 to discuss a strategy for overcoming the crisis, which began in late 2009 when Greece revealed it had covered up a huge budget deficit. 
  
 MOUNTING CONCERN 
  
 Emilio Botin, chairman of Spain's biggest bank, Banco Santander told Reuters Spanish banks needed about 40 billion euros in additional capital. 
  
 Montoro said the bank recapitalization figures were "perfectly accessible" but analysts were perplexed about his comments on Spain's ability to raise debt. 
  
 Spain will test the market on Thursday by issuing up to 2 billion euros ($2.5 billion) in medium- and long-term bonds at auction. 
  
 His comments appeared aimed at pressuring the ECB and EU paymaster Germany to find ways of helping. But the central bank has so far shunned calls to resume purchases of Spanish government bonds, and Berlin has rejected allowing direct aid from the euro zone's rescue fund to recapitalize Spanish banks without setting conditions for the government. 
  
 The festering euro zone crisis has sparked mounting concern outside Europe. On Monday, a G7 source said fears that capital flight from Spain could escalate into a full-fledged bank run had triggered the emergency conference call. 
  
 Pressure is building in particular on Germany, the biggest contributor to euro zone rescue funds, to back away from its prescription of fiscal austerity for the region's weaker economies and to work harder on fostering growth. 
  
 Berlin argues it is already doing its share by encouraging generous domestic wage settlements, accepting the prospect of higher-than-usual German inflation and most recently agreeing that Spain should have more time to achieve its fiscal targets. 
  
 Chancellor Angela Merkel opened the door on Monday to the prospect of a euro zone banking union in the medium term, saying she would consider the idea of putting systemically important cross-border banks under European supervision. 
  
 However, Berlin is so far resisting a joint deposit guarantee for euro zone banks and a bank resolution fund, both of which would create new liabilities for German taxpayers. 
  
 A German government strategy paper seen by Reuters showed Berlin does not expect final decisions on strengthening economic policy coordination until March 2013, with only a roadmap being agreed at this month's summit. 
  
 (Additional reporting by Jan Strupczewski in Brussels, Annika Breidthardt, Noah Barkin and Andreas Rinke in Berlin, Stella Dawson and Matt Spetalnik in Washington, Ana Flor and Alvaro Soto in Brazil, Fiona Ortiz in Madrid. Writing by Paul Taylor, editing by Mike Peacock) ||||| Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com 
  
 BERLIN—German Chancellor Angela Merkel on Monday suggested that European Union leaders consider putting the largest banks in the 27-nation bloc under direct European supervision, opening the door to more centralized oversight of the region's financial sector. 
  
 The German proposal, which echoes a similar call from European Central Bank President Mario Draghi last week, comes as the region's leaders are trying to rebuild confidence in Europe's battered banking sector. 
  
 In contrast to Mr. Draghi and the European Commission, however, the German leader stopped short of endorsing more ambitious plans to safeguard the region's financial system by creating a "banking union." Under ... |||||
Output:
G7 members are holding a conference call today to discuss solutions for the mounting economic crisis in Europe, with German the likely key. The emergency huddle of the finance chiefs of the US, UK, German, Italy, France, Japan, and Canada underscores a mounting panic about the crushing debt of the European Union. Greece, Ireland, and Portugal are all operating under international bailout programs, and officials fear a bank run in Spain, fallout from Greece's upcoming election, and an increasingly dire global impact. Germany appears willing to pool EU debt, but only if member nations agree to stricter controls and some kind of central supervision of government spending, reports the New York Times. Finding the way to “more Europe, not less” is the task for Europe's leaders now, German Chancellor Angela Merkel said yesterday. One likely scenario is a plan to combine much of Europe’s bad debt into a single fund with an aim to pay it off over 25 years. Accompanying that would be an expansion of executive power in Brussels over member nations' fiscal targets, as well as supervision of banks, and Europe-wide deposit insurance, notes the Times. "We will discuss to what extent we need to put systemically relevant banks under a specific European supervisory authority so that national interests do not play such a large role," Merkel said yesterday. The plan faces stiff resistance from the powerful German banks, which argue that European-wide deposit insurance would mean using German savings to prop up weak banks beyond their borders, and weaken German institutions in turn, notes the Wall Street Journal. Asian stocks rallied early today on hopes that the G7 nations would take some kind of action, reports Reuters.