Talks had begun in Germany for a grand coalition government to be put in place by Christmas. Chancellor Angela Merkel's conservatives and the center-left Social Democrats or SPD had already formed 16 working groups to make proposals on the Euro and economic and banking policies, among others.

According to Reuters Factbox, the group working on Europe, the euro and bank regulation had agreed to support the financial transactions tax. They had also agreed on integration in Europe as well as on concentrating on European finances to encourage employment and growth in the region.

Meanwhile, German newspaper Der Spiegel reported that SPD Chairman Sigmar Gabriel wanted to be an economy minister. The position would reportedly give him more responsibilities related to the energy and the environment. In another article, Der Spiegel also reported that Merkel was ready to make concessions. These would include allowances for pro-growth or anti-jobless rules in exchange for SPD's stand on mutualized debt and more controls of the Euro Zone's national budgets.