The idea that the German government may lose control of its national budget and be put under supervision by Brussels is, it seems, too humiliating to contemplate.

ECONOMIST: Europe's stability pact meets national sovereignty

But there has been limited progress towards the kind of political union - or central control of budget-making, borrowing and supervision of banks - that many would see as necessary to the eurozone's long-term survival.

BBC: Can Draghi do 'whatever it takes' to save euro?

"In view of the fact that many of the proposals for Greece have not been implemented, the suggestion for more control and supervision goes in the right direction, " Norbert Barthle, a budget policy leader for the centre-right CDU party of Chancellor Angela Merkel, told Reuters.

BBC: Germans want EU budget commisioner for Greece