Germany spurned investor calls to maximise financial firepower to calm markets, saying its fast-track proposals for European Union treaty change to enforce budget discipline are key to solving the euro-area debt crisis.

Germany is working with "an ambitious timeline because we believe that Europe can't wait for this forever, but that it should also be possible to put such limited change into effect in what for some is a surprisingly short time," Chancellor Angela Merkel's chief spokesman, Steffen Seibert, told reporters in Berlin today.

Merkel will deliver a speech on the crisis to the lower house of parliament in Berlin on Dec. 2, previewing a Dec. 8-9 summit of European leaders that is due to discuss proposals for treaty change, Seibert said.

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