Based on Germany's holdings in the European Central Bank capital, some economists said Berlin would contribute some 120 billion euros in the package.

"We don't have to pass the law in two or three days, and we can conclude the consultations with a bit more time, quickly but thoroughly," Merkel said, stressing that the rescue program would "serve to strengthen and protect the common currency."

She also called on eurozone leaders to enforce strict budget planning, in order to tackle the euro's problems "at its roots" and fight back "broad attacks."

"We should fight against the causes of the troubles, so the budget consolidation in all member states is extraordinarily important," said Merkel. She added that eurozone countries should present budget cut plans to the EU and the IMF and receive " regular inspections," before they are granted any loans or guarantees.

The chancellor said that Germany, Europe's leading economy, would put forward its austerity plan to maintain its debt at an appropriate level.

Germany's budget deficit is expected to reach 5 percent of gross domestic product (GDP) this year, exceeding the limit of 3 percent set by the European Monetary Union. The government has pledged to plug the deficit to below 3 percent by 2013.
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