German Chancellor Angela Merkel said it's an open question whether European policy makers can meet the deadline they'd set hours earlier to establish a euro-area bank supervisor by year-end.

"There are complicated questions to clarify and we'll see in December if we complete it or not," Merkel told reporters after a two-day European Union summit in Brussels wrapped up today. "For now, the political will is there."

The comments underscore Germany's go-slow approach that may stymie plan laid down in June to break the link between banks and governments that has worsened the region's debt crisis. She also ruled out allowing Spain to shift bank-bailout loans off its balance sheet if they are made before the new system starts operating.